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Welcome to the Herbert Smith Freehills LLP Financial Services Regulation Weekly Update covering regulatory developments in the United Kingdom, the APAC region, Europe and the United States.

 

FSR Weekly Update – 7 June 2024

In this edition: the UK FCA writes to the Markets Practitioner Panel (MPP) on its priorities; the European Central Bank (ECB) publishes its 2023 TARGET annual report; the Australian Federal Court orders a $67 million penalty for anti-money laundering and counter-terrorism financing breaches; the Securities and Exchange of Hong Kong (SEHK) takes disciplinary action against delisted company and directors for failures relating to disposal transaction and misleading announcements; the Securities and Exchange Board of India (SEBI) consults on limits for Basic Services Demat Accounts (BSDAs); and more…

FSR Weekly Update – 31 May 2024

In this edition: the UK FCA publishes its observations and insights on firms' operational resilience; the Council of the EU adopts package of new AML rules; the Hong Kong Monetary Authority informs authorised institutions of upcoming launch of Physical Risk Assessment Platform; the Monetary Authority of Singapore expands application of fair dealing guidelines to all  financial institutions, products and services; the Reserve Bank of India finalises framework for fintech sector self-regulation; the US Treasury releases its first ever NFT illicit finance risk assessment; the International Financial Reporting Standards Foundation publishes its inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards; and more...

FSR Weekly Update – 24 May 2024

In this edition: the UK PRA publishes policy statement on its approach to the authorisation and supervision of insurance branches; the Council of the EU adopts the Corporate Sustainability Due Diligence Directive; the  Australian Securities and Investments Commission releases reports on Australian banking hardship policies, processes and practices; Hong Kong Monetary Authority Deputy Chief Executive shares thoughts on dual impact of innovation and what banks can expect to be on their supervisors’ radar; the Securities Commission Malaysia announces roadmap to catalyse MSME and MTC access to capital market; the Bank of Thailand (BoT) signs MoU with the People's Bank of China to promote use of local currencies and link payments between Thailand and China; the International Financial Services Centre Authority concludes first anti-financial crime conference; the State Bank of Vietnam holds seminar on microfinance for development of financial inclusion; the US Federal Deposit Insurance Corporation publishes 2024 Risk Review; the Committee on Payments and Market Infrastructures publishes 2024-25 work programme and strategic priorities; and more...    

FSR Weekly Update – 17 May 2024

In this edition: the FCA announces six-year sentence imposed on an individual for fraud; the European Banking Authority (EBA) consults on draft guidelines under CRR regarding credit risk exposures to residential property; the Australian Securities and Investments Commission (ASIC) announces its bi-yearly focus areas from 30 June 2024 with respect to financial statement and audit surveillance of selected listed entities and other public interest entities; the Hong Kong SFC welcomes the launch of a public consultation on a voluntary code of conduct for environmental, social and governance (ESG) ratings and data products providers; Bank Negara Malaysia (BNM) publishes a speech on financing and supporting the development of small and medium sized enterprises (SMEs); the Securities and Exchange Commission Thailand (SECT) publishes a consultation on proposed amendments to the regulations regarding record keeping of digital asset business operators; and more…

FSR Weekly Update – 10 May 2024

In this edition: the UK Financial Services Regulatory Committee opens inquiry on FCA CP24/2 enforcement proposals; the European Banking Authority publishes Part 1 of its 2023 Annual Report; the Australian Securities and Investments Commission publishes report on review of superannuation trustee practices; the Hong Kong Monetary Authority issues revised SPM SB-1 ‘Supervision of regulated activities of SFC-registered authorised institutions’; the Monetary Authority of Singapore responds to Parliamentary question on discriminatory practices in insurance provision for disabled and neurodivergent persons; the Securities Commission Malaysia Chair discusses improving financial planning industry; the Securities and Exchange Commission Thailand reiterates prohibition on meme token services by digital asset exchanges and warns digital asset brokers against misleading investor; the US Federal Reserve Board requests comment on proposal to expand the operating days of large-value payment services to include weekends and holidays; and more…

FSR Weekly Update – 3 May 2024

In this edition: the UK FCA publishes Q&As to support the implementation of the requirements laid out in Policy Statement 23/2 (PS23/2) confirming changes to the derivative reporting framework under the UK European Market Infrastructure Regulation (EMIR); the European Central Bank (ECB) has published its final guide on effective risk data aggregation and risk reporting; the Australian Securities and Investments Commission succeeds in proceedings regarding a non-cash payment facility involving crypto assets; the HKMA publishes the Hong Kong Taxonomy for Sustainable Finance; Securities Commission Malaysia (SCM) signs a memorandum of understanding (MoU) with the Islamic Development Bank (IsDB) Group on cooperation in Islamic capital market; the Bank of Thailand (BoT) publishes a new webpage which allows users to make complaints, report unsolicited financial service or a financial scam, whistleblow regarding unfair financial services and/or request a debt consultation; and more…

FSR Weekly Update – 26 April 2024

In this edition: the UK FCA responds to Lords committee letter on enforcement proposal; the European Parliament adopts AML package; the Australian Securities and Investment Commission adopts no-action position on financial reporting obligations of special purpose financing subsidiaries and their guarantors; Hong Kong Monetary Authority Chief Executive discusses progress of measures to support SMEs; the Singapore Exchange Group consults on shareholder-requisitioned meetings; the Reserve Bank of India warns against unauthorised entities offering forex trading facilities; the Commodity Futures Trading Commission approves final rules on swap confirmation requirements for swap execution facilities; the Basel Committee on Banking Supervision publishes revised Core Principles for effective banking supervision; and more…

FSR Weekly Update - 19 April 2024

In this edition: the Joint Regulatory Oversight Committee (the FCA, PSR, Competition and Markets Authority and HM Treasury – JROC) publishes proposals for the future open banking entity; the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) consult on RTS regarding conduct of oversight activities under DORA; the Stock Exchange of Hong Kong Limited (SEHK) publishes its consultation conclusions on enhancing climate-related disclosures under its environmental, social, and governance (ESG) framework; the Monetary Authority of Singapore (MAS) publishes the opening remarks by its Assistant Managing Director (Development & International) and Chief Sustainability Officer, Gillian Tan, on blended finance and philanthropy; and more...

FSR Weekly Update - 12 April 2024

In this edition: the UK Prudential Regulation Authority publishes 2024/25 Business Plan; the European Supervisory Authorities announce voluntary dry run exercise (DORA); the Australian Securities and Investments Commission commences proceedings against blockchain mining companies and directors; the Hong Kong Monetary Authority Chief Executive shares his thoughts on CBDCs and digital money framework more broadly; the Monetary Authority of Singapore and Mastercard sign memorandum of understanding to enhance cooperation in cybersecurity; Bank Negara Malaysia issues statement on recent banking service outages; the Reserve Bank of India Governor discusses development of financial markets in India and areas for improvement by the banking sector; the US COVID-19 Fraud Enforcement Task Force releases 2024 report; the International Organization of Securities Commissions updates its 2024 workplan; and more...

FSR Weekly Update - 5 April 2024

In this edition: the UK FCA secures £1.6m from alleged unlawful investment schemes; EIOPA publishes a statement on the supervision of reinsurance concluded with third-country reinsurers; the Australian Prudential Regulation Authority (APRA) consults on minor amendments to the prudential framework for authorised deposit-taking institutions (ADIs) and insurers; the Hong Kong SFC updates its FAQs relating to Open-ended Fund Companies; the Monetary Authority of Singapore (MAS) reports that Brunei Darussalam Central Bank (BDCB) and Bank of the Lao PDR (BOL) have officially joined the Regional Payment Connectivity (RPC); the Reserve Bank of India (RBI) notes the release of a revised regulatory framework for over-the-counter and exchange traded transactions under a single Master Direction in January 2024; and more...

FSR Weekly Update - 28 March 2024

In this edition: the UK FCA publishes finalised guidance on financial promotions on social media; the European Securities and Markets Authority launches third consultation package under MiCAR and publishes final reports covering authorisation, notification, complaints handling and cooperation between regulatory authorities; the Hong Kong Government issues vision statement on developing Hong Kong's sustainability disclosure ecosystem; Bank Negara Malaysia publishes policy document on fair treatment of financial consumers; the US SEC adopts reforms relating to investment advisers operating exclusively through the internet; and more...

FSR Weekly Update - 22 March 2024

In this edition: the UK FCA publishes a  Statement of Policy (SoP) on panel appointments; the European Securities and Markets Authority (ESMA) fines Credit Rating Agencies (CRA) for breaches of conflict of interest obligations; the Australian Securities and Investments Commission (ASIC) reaffirms its ongoing registration obligation for AFS licensees; the Hong Kong SFC and HKMA further consult on enhancements to over-the counter (OTC) derivatives reporting regime and conclude on earlier proposal regarding masking relief; the Singapore Exchange Group (SGX) consults on refining cap on clearing members’ liability for multiple defaults; and more...

FSR Weekly Update - 15 March 2024

In this edition: the UK FCA announces review of firms' treatment of vulnerable customers; the European Security and Markets Authority (ESMA) publishes consolidated Q&As on the Packaged Retail Investment and Insurance Products (PRIIPs) Key Information Document (KID); the Australian Prudential Regulation Authority (APRA) releases information paper on credit risk capital requirements for housing loans; the Hong Kong SFC warns public against unlicensed virtual asset trading platforms (VATP); the Monetary Authority of Singapore's (MAS's) Deputy MD discusses new Keynesian framework in macroeconomic modelling; and more...

FSR Weekly Update - 8 March 2024

In this edition: the UK FCA publishes a Synthetic Data Expert Group (SDEG) report, exploring how synthetic data can be used to overcome data challenges; the Bank of England (BoE) Director, Prudential Policy Directorate, discusses the proposed UK regime for critical third parties (CTPs); the European Banking Authority (EBA) consults on guidelines on redemption plans under the Markets in Cryptoassets Regulation (MiCAR); the Australian Treasury consults on design options for the Annual Superannuation Performance Test; the Hong Kong SFC publishes quarterly report for October to December 2023; the The Bank of Thailand (BOT) announces procedures and conditions for applications for licenses to operate virtual banking businesses; The Reserve Bank of India (RBI) and Bank Indonesia (BI) sign an MoU to promote use of local currencies; and more...

FSR Weekly Update - 1 March 2024

In this edition: the UK FCA and Bank of England consult on draft Q&As on UK EMIR reporting requirements; the European Securities and Markets Authority (ESMA) Chair discusses sustainable and digital finance; the Australian Securities and Investments Commission (ASIC) issues an infringement notice regarding greenwashing; the Hong Kong SFC issues a reminder to industry participants and investors that the deadline of 29 February 2024 has passed for virtual asset trading platforms (VATPs) to submit licence applications; Bank Negara Malaysia (BNM) issues an exposure draft on product transparency and disclosure; the Reserve Bank of India (RBI) consults on disclosure framework on climate-related financial risks; and more....

FSR Weekly Update - 23 February 2024

In this edition: the UK FCA Practitioner Panel responds to DP23/5 Advice Guidance Boundary Review; the European Central Bank (ECB) publishes a letter from AMI-SeCo Chair to the ESMA Chair regarding T+0, atomic settlement; the European Commission (EC) welcomes the selection of Frankfurt as the seat for AMLA; the Australian Securities and Investments Commission (ASIC) calls on industry to improve oversight of Choice super performance and address issues; the Hong Kong Markets Authority (HKMA) provides consolidated guidance on the portfolio-based approach (PBA) in relation to investment advisory and trade execution services; the Singapore Exchange Regulation (SGX RegCo) publishes a consultation on proposed changes to the SGX Listing Rules (Mainboard) and SGX Listing Rules (Catalist) which seek to facilitate efforts by issuers undertaking a restructuring; and more...

FSR Weekly Update - 16 February 2024

In this edition: the Bank of England publishes a policy statement on approach to discretionary payments by CCPs; the Single Resolution Board of the EU launches its Single Resolution Mechanism Vision 2028; the Australian Securities Investment Commission consults on changes to OTC derivative transaction rules; the Hong Kong Monetary Authority issues new FIRO Code of Practice chapter; the Indonesian Financial Services Authority issues new OJK Regulation on consumer and Public Protection in Financial Services Sector; the Securities Commission Malaysia consults on use of ISSB Standards; the Bank of Thailand signs MoU with TikTok to promote financial literacy and awareness; the Securities and Exchange Board of India issues warning to customers regarding unregulated entities; the Bangko Sentral Ng Pilipinas signs MoU with Deutsche Bundesbank; the US Federal Reserve Board releases hypothetical scenarios for its annual stress test; and more...

FSR Weekly Update - 9 February 2024

In this edition: the UK FCA secures a pause in sales of GAP insurance; the European Securities and Markets Authority (ESMA) issues guidelines on the summary of CCP resolution plans; ACER publishes its REMIT Quarterly Report; the Hong Kong Financial Services and the Treasury Bureau (FSTB) launches a public consultation on legislative proposals to introduce a licensing regime for providers of over-the-counter (OTC) trading services for virtual assets (VA); the Securities Commission Malaysia (SCM) announces the introduction of the Focused Scope Assessment (FSA) for new eligible capital market intermediaries (CMIs) and recognised market operators (RMOs); and more...

FSR Weekly Update - 2 February 2024

In this edition: the Bank of England publishes policy statement on its approach to enforcement; the European Banking Authority consults on residual risk add-on hedges; the Australian Prudential Regulation Authority announces 2024 regulatory priorities; the Hong Kong Monetary Authority deputy chief executive delivers presentation on Hong Kong banking sector 2023 year-end review and priorities for 2024; the Reserve Bank of India Deputy Governor discusses emerging technologies;  the Office of Comptroller of the Currency requests comments on proposed rulemaking and policy statement on bank mergers; and more...

FSR Weekly Update - 26 January 2024

In this edition: the UK FCA publishes Primary Market Bulletin 47, with an update on proposed changes to the UK short selling regime; the Treasury Select Committee (TSC) publishes a letter in response to recommendations on the digital pound; the PRA reports on review of its ring-fencing rules; the European Banking Authority (EBA) publishes a heatmap following its scrutiny of the interest rate risk in the banking book (IRRBB) standards implementation; the European Insurance and Occupational Pensions Authority (EIOPA) publishes a study on diversification modelling; the Hong Kong SFC issues a warning regarding suspicious investment products; Bank Negara Malaysia (BNM) and CyberSecurity Malaysia sign a memorandum of understanding to jointly develop robust cybersecurity strategies; and more...

FSR Weekly Update - 19 January 2024

In this edition: the UK FCA establishes working group for financial advisers; the European Banking Authority consults on guidelines on the management of ESG risks; the Australian Securities and Investments Commission urges AFS licensees to register their financial advisers and provides a short extension to facilitate compliance; the Securities Commission Malaysia and Bursa Malaysia monitor recent market conditions; the Reserve Bank of India issues second Schedule to the Reserve Bank of India Act, 1934; the Securities and Exchange Commission Philippines issues Guidelines on minimum commission charged by stockbrokers; the US Consumer Financial Protection Bureau publishes proposals to close bank overdraft loophole; the Basel Committee on Banking Supervision and the International Organization of Securities Commissions consult on recommendations for good margining practices in non-centrally cleared markets; and more...

FSR Weekly Update - 12 January 2024

In this edition: the UK Financial Services Compensation Scheme (FSCS) publishes its January 2024 Budget Update; the UK FCA announces temporary changes to handling rules for motor finance complaints; European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) publish a consolidated Q&A on the Sustainable Finance Disclosure Regulation (SFDR) and SFDR Delegated Regulation; the Hong Kong Insurance Authority launches a public consultation on the second batch of draft subsidiary legislation to the Insurance Ordinance as part of the implementation of the new risk-based capital (RBC) regime; the Monetary Authority of Singapore (MAS) publishes its response to a Parliamentary question on work to prevent young people from accumulating unsustainable levels of debt; the Securities Commission Malaysia (SCM) announces that the Advisory Committee on Sustainability Reporting (ACSR) will hold a consultation next month on the use of the sustainability disclosure standards; and more...

FSR Weekly Update - 5 January 2024

In this edition covering the period from 18 December 2023 to 5 January 2024: the UK FCA consults on new UK listing regime and bond market consolidated tape; the European Central Bank updates SSM Supervisory Manual; the Australian Securities and Investments Commission temporarily extends relief from disclosure and reporting consistency obligations for super trustees; the Hong Kong Monetary Authority and the Financial Services and the Treasury Bureau jointly launch public consultation on legislative proposal to regulate issuers of fiat-referenced stablecoins and announce plan to introduce sandbox arrangements; the Securities and Exchange Board of India issues consultation paper on settlement cycles; the US SEC charges energy corporation and former executives with fraud; the International Organization of Securities Commissions publishes final policy recommendations for DeFi; and more...

FSR Weekly Update - 15 December 2023

In this edition: the UK FCA reviews Consumer Duty implementation by banks; The European Banking Authority publishes its roadmap on the implementation of the EU banking package; AUSTRAC announces 2024 regulatory priorities; Hong Kong Exchanges and Clearing Limited publishes consultation conclusions on proposed GEM reforms; Bank Negara Malaysia Deputy Governor discusses takaful and retakaful industry; the Reserve Bank of India warns consumers against misleading marketing; the US SEC adopts rules to improve risk management in the U.S. Treasury market; the Basel Committee on Banking Supervision consults on cryptoasset standard amendments; and more...

FSR Weekly Update - 8 December 2023

In this edition: the FCA prepares for the future of consumer investments; the FCA and HM Treasury (HMT) issue proposals for closing the advice gap with respect to the Edinburgh Reforms; the European Supervisory Authorities (ESAs) publish consultation papers (CPs) on the second batch of policy products in relation to the Digital Operational Resilience Act (DORA); the Australian Securities and Investments Commission (ASIC) publishes a review  online trading providers; the Monetary Authority of Singapore (MAS) announces new digital finance and capital markets initiatives to expand its financial cooperation with China; and more...

FSR Weekly Update - 1 December 2023

In this edition: the UK FCA publishes new sustainability disclosure requirements; the European Banking Authority issues new guidance to AML/CFT supervisors of CASPs; Australian national insurance provider to pay $10 million for pricing discount failures; Hong Kong Exchanges and Clearing Limited signs MoU with the China Beijing Green Exchange to promote green finance and sustainable development; the Monetary Authority of Singapore publishes the Financial Stability Review 2023; the Reserve Bank of India and the Bank of England sign MoU in relation to Clearing Corporation of India Limited; the US SEC adopts rule to prohibit conflicts of interest in certain securitizations; and more...

FSR Weekly Update - 24 November 2023

In this edition: the UK Chancellor delivers the 2023 Autumn Statement to Parliament; the European Banking Authority consults on the Travel Rule guidelines for cryptoasset; the Australian Securities and Investments Commission announces 2024 enforcement priorities; the Hong Kong Monetary Authority signs MoU with the Abu Dhabi Financial Services Regulatory Authority to deepen partnership on fintech; the Monetary Authority of Singapore publishes response on regulatory measures for digital payment token service providers; the Securities and Exchange Commission Thailand announces imminent approval of the Thailand ESG fund; the International Financial Services Centres Authority consults on banking regulations; Taiwan and US sign MoU on supervision of cross-border clearing organisations; Fed announces new pricing for payment services provided to banks and credit unions; and more...

FSR Weekly Update - 17 November 2023

In this edition: House of Lords recommends creation of a Financial Services Regulation Committee; the Council of the EU agrees position on Daisy Chains; the Australian Securities and Investments Commission consults on proposed changes to the banking code; the Hong Kong Securities and Futures Commission holds inaugural forum on sustainability disclosures; the Monetary Authority of Singapore launches initiatives to ensure the safe and innovative use of digital money; Securities Commission Malaysia holds 10th annual InvestSmart® Fest; the US SEC adopts rules to improve clearing agency governance and mitigate conflicts of interest; and more...

FSR Weekly Update - 10 November 2023

In this edition: the BoE launches the latest phase of the System-wide Exploratory Scenario (SWES), HMT issues an international joint statement on the Crypto-Asset Reporting Framework, the European Central Bank (ECB) publishes an Occasional Paper: Living in a world of disappearing nature: physical risk and the implications for financial stability; the European Securities and Markets Authority (ESMA) adds cyber risk and digital resilience to its Union Strategic Supervisory Priorities; the Australian Securities and Investments Commission (ASIC) releases investor alert list to protect consumers from suspicious investment opportunities; ASIC Deputy Chair gives a 'red light for greenwashing'; the Hong Kong Markets Authority (HKMA) signs a memorandum of understanding (MOU) with the People’s Bank of China (PBoC) and the Monetary Authority of Macao (AMCM) to deepen fintech innovation supervisory cooperation; the US Federal Reserve (Fed) publishes the semiannual Supervision and Regulation Report; and more...

FSR Weekly Update - 3 November 2023

In this edition: the UK FCA publishes guidance on cryptoasset promotions; the Australian Treasury opens consultation on Continuous Disclosure Regime; the Hong Kong Monetary Authority imposes new enhancement measures to strengthen security of e-banking services; the Monetary Authority of Singapore partners with policymakers in Japan, Switzerland and the UK to foster responsible digital asset innovation; the Securities Commission Malaysia introduces Islamic Capital Markets Guidance; the Reserve Bank of India issues circular on Regulation of Payment Aggregator – Cross Border; the US SEC adopts rules for the registration and regulation of security-based swap execution facilities; G7 Leaders issue statement on the Hiroshima AI process; and more...

FSR Weekly Update - 27 October 2023

In this edition: the FCA publishes cryptoasset registration information for applicants; the BoE Deputy Governor discusses three regulatory focus areas of digital currencies; ESMA updates MiFIDI II/MiFIR transparency Q&As; ESMA signs MoU with OJK and recognises KPEI as Tier 1 CCP;  the Australian Securities and Investments Commission (ASIC) highlights its enforcement action over the past year; the Monetary Authority of Singapore (MAS) consults on enhancements to e-payments guidelines; the Securities and Exchange Commission Thailand (SECT) publishes the translated Thai version of the Task Force on Climate-related Financial Disclosures (TCFD) Recommendations; the Reserve Bank of India (RBI) publishes a consultation on the draft Master Direction on managing risks and code of conduct in the outsourcing of financial services; and more...

FSR Weekly Update - 20 October 2023

In this edition: Commons Committee launches inquiry into independence and accountability of UK regulators; the European Banking Authority consults on draft RTS and Guidelines for ART issuers under MiCAR; the Hong Kong Monetary Authority establishes CBDC expert group and signs MOUs with five local Hong Kong universities to advance research on CBDCs; the Monetary Authority of Singapore issues prohibition orders in respect of unlicensed financial advisory services; the Bank of Thailand publishes Q3 2023 Financial Stability Assessment Report; the Reserve Bank of India issues master direction to NBFCs; the US SEC announces 2024 examination priorities; the Basel Committee on Banking Supervision consults on disclosure of cryptoassets exposures; and more...

FSR Weekly Update - 13 October 2023

In this edition: The FCA fines  a credit reporting agency £11,164,400 for failing to manage and monitor the security of UK consumer data it had outsourced to its parent company; the FCA publishes information as regards its secondary international competitiveness and growth objective (SICGO); the European Securities and Markets Authority (ESMA) announces that it has extended the emergency measures which temporarily expand the pool of eligible collateral for all types of counterparties by six months; the Hong Kong Markets Authority issues circular to retail banks on enhanced approaches to combat digital fraud; the TCFD publishes its 2023 final status report on climate-related disclosures; and more...

FSR Weekly Update - 6 October 2023

In this edition: the UK Payment Systems Regulator consults on APP fraud reimbursement; the European Insurance and Occupational Pensions Authority sets out strategic priorities for 2024; the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission commence joint administration of the new Financial Accountability Regime; the Hong Kong SFC and police establish joint working group on virtual asset trading platforms; the Monetary Authority of Singapore collaborates with the Bank for International Settlements Innovation Hub and central banks on cross-border transactions innovation; Indonesia's carbon exchange launched; the US Fed issues enforcement action with financial corporation; the Basel Committee on Banking Supervision publishes report on 2023 banking turmoil; and more...

FSR Weekly Update - 29 September 2023

In this edition: the UK FCA publishes a policy statement on multi-occupancy building insurance, sets out its supervision strategy for corporate finance firms and platform firms, takes action against individuals for dishonest pension transfer advice; HMT, NS&I and DMO publish a joint UK green financing allocation and impact report; the ESAs set out criteria for CTPPs and determining oversight fees in respect of DORA; the EBA publishes MiCAR Technical Advice; the Hong Kong SFC Executive Director of Enforcement discusses  the SFC’s view on corporate fraud and misfeasance in listed companies at The Hong Kong Institute of Directors Directors’ Symposium 2023; the US SEC takes action on recordkeeping failures; and more...

FSR Weekly Update - 22 September 2023

In this edition: the UK FCA issues 'final warning' to cryptoasset firms marketing to UK consumers regarding forthcoming financial promotion regime; the European Banking Authority launches 2023 EU-wide transparency exercise; the Australian Prudential Regulation Authority strengthens standards to enhance member outcomes in superannuation; the Hong Kong Insurance Authority launches Open API Framework and Central Register to facilitate insurtech development; bilateral swap arrangement between Malaysia and Japan; the US SEC adopts rule enhancements to prevent misleading or deceptive investment fund names; and more...

FSR Weekly Update - 15 September 2023

In this edition: the UK PRA updates on banking reporting requirements; the FCA reviews later-life mortgage firms; the Chair of the ECB Supervisory Board discusses banking supervision beyond capital; the EC consults on sustainable finance disclosures; the Australian Securities and Investments Commission (ASIC) consults on insolvent trading guidance; and more...

FSR Weekly Update - 8 September 2023

In this edition: the UK FCA reports on its assessment of firms' systems and controls for sanctions; the European Central Bank Supervisory Board Vice Chair highlights climate and environment-related litigation risks for banks and the financial sector; the Australian Prudential Regulation Authority releases its findings on implementation of cross-industry standard on remuneration; and more...

FSR Weekly Update - 1 September 2023

In this edition: the FCA announces that an insurance firm is to carry out a past business review relating to pricing rules; the FCA announces that two individuals face bans and £1.3m fine for pension transfer advice failings; ECB decisions and regulations are published to the OJ; ESMA sees prevailing market uncertainty as downside risks rise; the Australian Prudential Regulation Authority releases 2023 superannuation performance test results; the HKMA sets out high-level principles to guide AIs in maintaining safety and soundness in transition to net-zero economy; and more...

FSR Weekly Update - 25 August 2023

In this edition: the Payment Systems Regulator Panel publishes 2022-23 Annual Report; ECB consults on Draft Guide on financial conglomerate reporting of significant risk concentrations and intragroup transactions; Hong Kong Monetary Authority, SFC and Insurance Authority unveil new fintech promotion roadmap focusing on wealthtech, insurtech, greentech, AI and DLT; the US SEC enhances the regulation of private fund advisers; and more...

FSR Weekly Update - 18 August 2023

In this edition: HM Treasury sets out its Cash Access Policy Statement; the European Securities and Markets Authority Chair comments on MiCA, greenwashing, and climate-related risks; Hong Kong Monetary Authority fines an authorised institution HK$16m for contraventions of AMLO; the Monetary Authority of Singapore finalises its stablecoin regulatory framework; the US CFPB Director announces plans to develop rules for data brokers; and more...

FSR Weekly Update - 11 August 2023

In this edition: the UK FCA writes to banks requesting information on account closures; the European Banking Authority updates the timeline for implementation of IRB roadmap and publishes the final supervisory handbook for validation of IRB rating systems; the Australian Securities and Investments Commission commences a greenwashing case against Active Super; the Hong Kong SFC issues a warning statement regarding improper practices by unlicensed VATPs; the US Fed outlines its program to supervise novel activities at banks it oversees; and more...

FSR Weekly Update - 4 August 2023

In this edition: the UK FCA publishes portfolio letter on supervisory strategy for principal trading firms; European Commission adopts European Sustainability Reporting Standards; Australian Treasury consults on regulatory framework for managed investment schemes; Hong Kong Monetary Authority launches phase 1 (core level) of enhanced competency framework on green and sustainable finance; Monetary Authority of Singapore consults on revised AML framework for Single Family Office sector; Securities Commission Malaysia publishes guidelines on strengthening technology risk management; State Bank of Vietnam and Central Bank of Egypt strengthen cooperation; US financial institution regulatory agencies update guidance on liquidity risks and contingency planning; and more...

FSR Weekly Update - 28 July 2023

In this edition: PRA consults on updating UK technical standards; European Commission issues call for evidence on Directive on criminalisation of money laundering; Australian Prudential Regulation Authority takes action against unauthorised banking businesses; Hong Kong Monetary Authority and Securities and Futures Commission provide guidance on streamlined approach for compliance with suitability obligations when dealing with sophisticated PIs; Monetary Authority of Singapore announces end-2025 timeline to eliminate corporate cheques; Securities and Exchange Board of India extends consultation period on consolidated cybersecurity and cyber resilience framework; and more...

FSR Weekly Update - 21 July 2023

In this edition: the UK FCA publishes Annual Report and Accounts 2022/23; the European Parliament and Council of EU reach provisional agreement on updating AIFMD and UCITS; new APRA prudential standard finalised; the Stock Exchange of Hong Kong Limited disciplines listed company for failures relating to disclosable, major and continuing connected transactions and financial reporting; RBI and Central Bank of UAE sign two MoUs; US Federal Reserve Board announces enforcement action against a bank, its New York branch, and other U.S. affiliates; FSB finalises global regulatory framework for cryptoasset activities, including stablecoins; and more...

FSR Weekly Update - 14 July 2023

In this edition: the UK FCA fines firm £2.5m for serious financial control failings; ESMA and EBA publish MiCAR consultations; Hong Kong Institute for Monetary and Financial Research publishes research report on digitalisation of financial services in Hong Kong; Monetary Authority of Singapore invites fintech nominations; the US Financial Industry Regulatory Authority and SEC fine firm $12 million – SARs and AML program failures; Bank for International Settlements publishes results of 2022 survey on CBDCs and cryptoassets; and more...

FSR Weekly Update - 7 July 2023

In this edition: UK Financial Services and Markets Act 2023 published; EIOPA changes minimum amount of PII cover and financial capacity; ASIC imposes record penalty; Hong Kong Government establishes Task Force on Promoting Web3 Development; Monetary Authority of Singapore publishes investor protection measures for DPT services; RBI consults on draft circular on Arrangements with Card Networks for issue of Debit, Credit and Prepaid Cards; US CFTC charges alleged Bitcoin seller and former attorney with multi-million dollar bitcoin fraud; Basel Committee on Banking Supervision consults on core principles for effective banking supervision; and more...

FSR Weekly Update - 30 June 2023

In this edition: HM Treasury publishes Mortgage Charter; EIOPA mystery shopping exercise: Sale of insurance; ASIC issues 38 DDO stop orders for pet insurance products; Hong Kong Monetary Authority and Hong Kong Association of Banks launch Anti-Scam Consumer Protection Charter; Monetary Authority of Singapore releases toolkit for use of AI in financial sector; Securities Commission Malaysia launches Islamic fintech initiative; CFTC Division of Enforcement creates two new task forces for cybersecurity & emerging tech, and environmental fraud; FATF reports on Recommendation 15 implementation – VA and VASPs, DeFi, NFTs, P2P, stablecoins; and more...

FSR Weekly Update - 23 June 2023

In this edition: House of Lords concludes third reading of Financial Services and Markets Bill; EU regulators release consultations on first batch of DORA policy products; Hong Kong Monetary Authority announces enhancement measures to protect payment card customers; Monetary Authority of Singapore, UNDP and GLEIF embark on Project Savannah to digitise basic ESG Credentials for MSMEs; Thai central bank publishes revised consultation on virtual bank licensing; US CFTC's Whistleblower Office issues alert seeking tips relating to carbon markets conduct; Financial Stability Board consults on third-party risk management and oversight toolkit; and more...

FSR Weekly Update - 16 June 2023

In this edition: the Australian Government responds to the Quality of Advice review; the Hong Kong Monetary Authority issues a consultation on implementation of Basel III final reform package; the Monetary Authority of Singapore comments on regulation of BNPL schemes; the UK Financial Ombudsman Service publishes its annual complaints data; the Upper Tribunal issues a decision directing the UK Financial Conduct Authority to reconsider its decisions to prohibit three individuals from the industry; the European Commission launches its Sustainable Finance Package; the US Office of the Comptroller of the Currency has published its semiannual report on the key risks facing the federal banking system; BIS Innovation Hub publishes two retail CBDC reports under Project Rosalind; and more...

FSR Weekly Update - 9 June 2023

In this edition: the UK FCA publishes financial promotions rules for cryptoassets; the UK payments regulator confirms the new APP fraud reimbursement requirements; the European Parliament and Council reach provisional agreement on updating the legislation covering financial services contracts concluded at a distance (eg online or via the telephone); the Australian Government releases its Strategic Plan for Australia's Payments System; the CEO of the Securities and Futures Commission discusses Hong Kong as an international asset management hub and private wealth centre; the Singapore regulator announces that it will consult on transitional planning guidance; the Securities Commission, Malaysia rolls out a mandatory sustainability programme for directors of publicly listed companies; US bank regulatory agencies issue final guidance on third-party risk management; and more...

FSR Weekly Update - 2 June 2023

In this edition: ASIC issues its first DDO stop order for CFD distribution; the Hong Kong SFC issues circulars on transitional arrangements for the new Virtual Asset Trading Platform (VATP) licensing regime; the HKMA releases proposed prototype of local green classification framework for feedback by 30 June 2023; the Singapore regulator sets out the findings of its survey of firms' CFT controls; the Bank Negara Malaysia publishes its technology risk management policy; the UK FCA announces that it will ban referral fees for debt packagers; the ABI reports on implementation of its Mental Health and Insurance Standards; the ESMA chair urges the EU's co-legislators to bolster the transparency regime for OTC derivatives; the US CFTC Division of Clearing and Risk issues a staff advisory on the risks associated with the expansion of DCOs' clearing of digital assets; Green Swan 2023; and more...

FSR Weekly Update - 26 May 2023

In this edition, the Economic Secretary updates the House on the processing of crypto applications under the MLRs, the UK Lending Standards Board issues a report on access for d/Deaf customers in banking; ESMA publishes its final report on market outages; the European Commission adopts a new Retail Investment Package; ASIC bans a former fund managers for naked short selling; Hong Kong finalises the rules for crypto trading platforms; MAS launches an initiative to enhance AI and data analytics skills to meet needs in the Singaporean financial sector; the Malaysian Securities Commission sets up an inter-agency committee to support implementation of ISSB standards; the State Bank of Vietnam host 'Tomorrow's Bankers Today' contest; the US SEC shuts down a $60m cannabis offering fraud; ISLA publishes guidance on applying the Consumer Duty to securities lending; UNIDROIT adopts principles on digital assets and private law; and more...

FSR Weekly Update - 19 May 2023

In this edition: the UK regulators publish performance data; the UK House of Commons Treasury Committee publishes the report of its inquiry into crypto regulation; the European Banking Authority (EBA) publishes its report on holdings of eligible liabilities issued by G-SIIs and O-SIIs; the Australian Prudential Regulation Authority (APRA) finalises recovery and resolution planning reforms; in Hong Kong, a pilot programme for retail CBDC commences; the Securities and Exchange Board of India (SEBI) has a number of consultations underway; the US SEC proposes improvements for risk management and resilience of covered clearing agencies; and more...

FSR Weekly Update - 12 May 2023

In this edition: the UK Pensions Dashboard Programme issues an update; the UK FCA starts the countdown to the Consumer Duty, Europe's ESMA sets out its draft RTS on prudential consolidation of an investment firm group; in Australia, ASIC gives an update on its greenwashing interventions; the Hong Kong Markets Authority publishes its 9th RegTech Adoption Practice Guide and a report to guide banks in the adoption of network analytics in AML and financial crime detection; in Singapore, MAS consults on payments regulation; the central banks of Malaysia and Indonesia announce the commercial launch of the cross-border QR payment linkage; the New York attorney-general proposes new crypto rules; and more...

FSR Weekly Update - 5 May 2023

In this edition, the FCA continues action against unregistered crypto ATMs across the UK, the PRA publishes its Business Plan for 2023/24, ESMA publishes a speech on the transition to a low carbon economy, MAS and the US Treasury conduct a joint exercise to strengthen cross-border cyber incident coordination and crisis management, the RBI and BIS invite cross-border payments solutions for the G20 Techsprint, the CFPB issues rules to facilitate orderly wind down of LIBOR, and more...

FSR Weekly Update - 28 April 2023

In this edition, the FCA publishes a speech on how regulation can help the UK lead in fintech, the ESAs publish the Spring 2023 Report on Risks and Vulnerabilities, the HKMA shares guidelines for the second round of the climate risk stress test, MAS consults on enhanced safeguards for the prospecting and marketing of financial products, the CFPB and Federal Partners issue a joint statement on automation and AI, the FSB publishes a report on the financial stability aspects of commodities markets, and more...

FSR Weekly Update - 21 April 2023

In this edition, the JROC, FCA and PSR publish recommendations for the next phase of open banking in the UK, the BoE publishes a speech on innovation in payments and money, the EP publishes the texts relating to MiCA and the transfer of funds regulation following its April plenary, MAS launches its Finance for Net Zero Action Plan, the SCM announces a new e-payment platform, the Fed publishes speeches on innovation and CBDCs, and more...

FSR Weekly Update - 14 April 2023

In this edition, the FCA announces that it will lead the GFIN Greenwashing TechSprint, the ESAs publish a joint CP on the review of SFDR Delegated Regulation, APRA provides an update on the implementation of the new operational risk standard, the FSC and the New York State Department of Financial Services sign an MoU on information sharing, the CFTC charges a New York Resident with fraud and misappropriation in a digital assets trading scheme, the FSB publishes a report on cyber incident reporting, and more...

FSR Weekly Update - 6 April 2023

In this edition, the FCA publishes its Business Plan for 2023/24, the FCA and the ASA set out plans to educate fin-fluencers about the risks involved in promoting financial products, the EBA issues its quarterly risk dashboard, ACCC flags tougher enforcement on 'open banking', MAS establishes a Financial Sector Cloud Resilience Forum, the SBV announces training on CBDCs with the IMF, the CFPB publishes a consultation on abusive conduct in consumer financial markets, IOSCO publishes its Work Program for 2023-2024, and more...

FSR Weekly Update - 1 April 2023

In this edition, the UK consults on updating its Senior Managers and Certification Regime (SMCR), the UK PRA publishes the findings from the Cyber Stress Test 2022, the EBA issues guidelines on money laundering and terrorist financing risk factors, Hong Kong SFC publishes circulars and report on thematic review on risk management practices relating to operational and remote booking risks from trading activities and data risks, Singapore and Malaysia launch cross-border QR code payments connectivity, US CFTC issues no-action letter regarding the migration of credit default swaps from ICE Clear Europe Ltd, IOSCO publishes final report on retail market conduct; IFSB consults on conduct of business supervision in takāful undertakings, and more...

FSR Weekly Update - 24 March 2023

In this edition, HMT and the FCA announce completion of the criminal market abuse regime review, the FCA appoints executive directors to co-lead Enforcement and Market Oversight, ESMA fines S&P for failures related to the premature release of credit ratings to the public, MAS publishes a speech on strengthening supervision through collaborative partnerships, the Fed announces coordinated central bank action to enhance the provision of US dollar liquidity, the BIS Innovation Hub publishes a report on enabling instant cross-border payments, and more...

FSR Weekly Update - 17 March 2023

In this edition, the FCA publishes a portfolio letter to payments firms, the BoE and PRA publish a report on climate-related risks and the regulatory capital frameworks, the ESAs and the ECB publish a joint statement on disclosure in relation to climate change for structured finance products, SECT hosts a public hearing on proposed regulations on offering sustainability-themed bonds via crowdfunding and private placement, the US SEC proposes new requirements to address cybersecurity risks to securities markets, the FATF publishes a report on countering ransomware financing, and more...

FSR Weekly Update - 10 March 2023

In this edition, the FCA authorises the first LTAF, ESMA publishes a speech on digital finance and capital markets, MAS publishes a Circular on ML and TF risks in the wealth management sector, SECT publishes a draft regulation prohibiting digital asset business operators from providing crypto deposit taking and lending services, the Fed publishes a speech on its approach to the supervision and regulation of banks' crypto-related activities, the BIS Innovation Hub publishes a report on cross-border retail CBDC payments, and more...

FSR Weekly Update - 3 March 2023

In this edition, the FCA publishes its latest Regulatory Initiatives Grid, HMT publishes a CfE on aligning the ring-fencing and resolution regimes, ESMA publishes its effects assessment of the impact of MCM on financial markets, ASIC publishes a report on good practices for handling whistleblower disclosures, the BNM publishes an exposure draft on the fair treatment of vulnerable consumers, the IMF publishes a paper on a digital marketplace to improve cross-border payments, and more...

FSR Weekly Update - 24 February 2023

In this edition, the FCA publishes a speech on the Consumer Duty, EBA publishes a letter on the call for advice relating to prudential requirements for investment firms, MAS announces launch of real-time payments between Singapore and India, SEBI consults on the regulation of ESG rating providers and on ESG disclosures, ratings and investing, the FSB publishes the G20 Roadmap for enhancing cross-border payments, and more...

FSR Weekly Update - 17 February 2023

In this edition, the FCA takes action against unregistered crypto ATM operators in Leeds, the ESAs publish updated Q&As on the Securitisation Regulation, EBA launches a survey on green loans and mortgages, HKMA sets out its priorities for 2023, RBI launches its second global hackathon, the SEC proposes an enhanced safeguarding rule for registered investment advisers which extends custody to all assets (including crypto assets), the FSB publishes a report on the financial stability risks of DeFi, and more...

FSR Weekly Update - 10 February 2023

In this edition, the FCA opens the conversation on finance for positive sustainable change, the PSR consults on reporting APP scam data, HMG issues a call for views on software resilience, the ESAs publish the slides from their DORA conference, a European Parliament Committee considers trends in UK financial services regulation and the implications for the EU, the Australian Treasury consults how current financial product regulations apply to the crypto sector, the HKMA publishes updated guidance on transaction monitoring and suspicious transaction reporting, Bangko Sentral ng Pilipinas amends e-money guidelines, US Treasury report warns financial sector on cloud vulnerabilities, and more...

FSR Weekly Update - 3 February 2023

In this edition, the FCA writes to firms about implementing the Consumer Duty, HMT publishes its consultation and CfE on the regulatory regime for cryptoassets, ESMA publishes its final report on the trading venue perimeter, APRA releases its policy and supervision priorities for 2023, IOSCO publishes principles for the regulation and supervision of commodity derivatives markets, FATF publishes its Annual Report for 2021-2022, and more…

FSR Weekly Update - 27 January 2023

In this edition, the FCA publishes a speech on building better foundations in AI, the ECB publishes remarks on climate and environmental risks in the banking sector, BNM consults on the Capital Adequacy Framework, SBV publishes objectives and general tasks for the banking sector in 2023, the NYDFS issues new regulatory guidance setting out expectations around sound custody and disclosure practices for virtual currencies, ISDA publishes a paper on bankruptcy in digital asset markets, and more…

FSR Weekly Update - 20 January 2023

In this edition, the FCA publishes a podcast on the Consumer Duty, ESMA announces that it will look at the marketing of financial products, SECT issues rules on management of digital wallets for custody of digital assets and keys, the IFSCA publishes a framework for disclosures by fund management entities for ESG schemes, the CFTC publishes a keynote address by Commissioner Romero on lessons learned from FTX's collapse, the FSB publishes a progress report on implementing the G20 NBFI reforms, and more...

FSR Weekly Update - 13 January 2023

In this edition, the FCA publishes its Whistleblowing data for 2022, the FCA fines a bank for AML failures, the ECB publishes market research on the digital euro, HKMA consults on revised disclosure templates and tables related to the Basel III Final Reform Package implementation, the BOT publishes a consultation on the virtual bank licensing framework, IAIS publishes its 2023-2024 Roadmap, and more...

FSR Weekly Update - 6 January 2023

In this edition, the FSM Bill reaches its second reading in the HoL, the FCA and PRA fine a bank for operational resilience failings, EBA publishes calls for advice from the EC on DORA and MiCA, ESMA publishes a framework to assess operational resilience, the FSTB launches a consultation on enhancing crowdfunding activities, the BOT and SECT consult on Thailand's Taxonomy, US agencies issue a joint statement on crypto-asset risks to banking organizations, the TCFD publishes its 2022 Overview, and more...

2022

FSR Weekly Update - 16 December 2022

In this edition, the FCA, CMA, HMT and PSR issue a joint statement on the future of open banking, ESMA publishes guidance on applications under the DLT Pilot Regime, EIOPA publishes a speech on AI governance and the AI Act, the BNM consults on a Capital Adequacy Framework, the US SEC charges eight social media influencers in $100 million stock manipulation scheme, the BCBS publishes its work programme and strategic priorities for 2023/24, and more...

FSR Weekly Update - 9 December 2022

In this edition, the Chancellor announces the Edinburgh Reform package, the FCA provides an update on the implementation of FRF Review, the FSM Bill has first reading in the House of Lords, the ECB publishes a speech on the crypto bubble and digital finance, EBA consults on new Guidelines to tackle de-risking, HKMA shares good practices relating to due diligence processes for green and sustainable products to reduce potential exposures to greenwashing risks, the SEC Division of Corporate Finance publishes sample letter to companies regarding recent developments in crypto asset markets, IAIS reports on DEI within the insurance sector, and more...

FSR Weekly Update - 2 December 2022

In this edition, the FCA publishes a speech on culture in financial services, the Council of the EU adopts DORA, ASIC issues infringement notices against an investment manager for greenwashing, the UK and Singapore deepen FinTech collaboration and strengthen financial cooperation, the CFTC requests an individual pay more than $2.8 Million in restitution for virtual currency fraud, the CPMI and IOSCO publish a report on FMI cyber resilience, and more...

FSR Weekly Update - 25 November 2022

In this edition, the FCA warns stock trading app operators of problem behaviours linked to trading app design, the BoE publishes a speech on DeFi, digital currencies and regulation, ESMA publishes new Q&As on MAR and the CSDR, the HKMA issues a circular on adjustments to the implementation of the Basel III final reform package, the US Dept of Labor announces a final rule to remove barriers to considering ESG factors in plan investments, IOSCO publishes a speech on crypto-asset regulation, and more...

FSR Weekly Update - 18 November 2022

In this edition, the FCA censures former CEO for AML failings, the BoE publishes a speech on Islamic finance and net zero, ESMA consults on use of ESG or sustainability-related terms in funds' names, the ESAs publish a call for evidence on greenwashing, the SCM wins an insider trading suit, the OCC publishes a speech by Acting Comptroller emphasizing caution with crypto, the FSB publishes its final report on developing the implementation approach for the cross-border payments targets, and more...

FSR Weekly Update - 11 November 2022

In this edition, the FCA publishes a speech on AI, the FOS talks about the new Consumer Duty, EBA publishes a statement in relation to COP27, MAS and the NY Fed collaborate on a wCBDC experiment, SEBI consults on a cloud framework, the FSC and ESMA sign an MoU in relation to CCPs, IOSCO consults on the development of sound and well-functioning carbon markets, and more...

FSR Weekly Update - 4 November 2022

In this edition, the FCA publishes a speech on key priorities for the financial advice industry, the ECB publishes the results of the 2022 thematic review on climate-related and environmental risks, the Hong Kong Government and financial regulators announce their virtual asset policy stance and upcoming reforms at Fintech Week 2022, the SEC proposes enhancements to open-end fund liquidity framework, the Wolfsberg Group publishes a letter on the EU AML/CFT Legislative Package and more...

FSR Weekly Update - 28 October 2022

In this edition, the FCA publishes a speech by its CEO at Mansion House, the FCA publishes a discussion paper on the competition impact of Big Tech entry and expansion in retail financial services, ESMA announces that it will work on ESG disclosures as a new union strategic supervisory priority, ASIC acts against alleged greenwashing by listed energy company, MAS consults on regulatory measures for DPT services and stablecoin-related activities, the SEC proposes new oversight requirements for certain services outsourced by investment advisers, the GFANZ publishes its 2022 Progress Report, and more...

FSR Weekly Update - 21 October 2022

In this edition, the PRA publishes a 'Dear CEO' letter setting out its expectations on climate-related financial risk, the FCA publishes an update on its consumer investments strategy, the LMA publishes consumer duty guidance for managing agents, the EC publishes its Action Plan for digitalising the energy sector, the Hong Kong government announces plans to issue a virtual assets policy statement during Fintech Week, the BIS Innovation Hub and HKMA complete retail CBDC technology prototype, and more...

FSR Weekly Update - 14 October 2022

In this edition, the BoE reports the results of the CCP supervisory stress test, the UK financial services regulators issue a discussion paper on AI, the Digital Markets Act is published in the Official Journal of the EU, ASIC releases its Annual Report, the HKMA consults on implementation of the revised market risk and CVA risk frameworks, IOSCO publishes a report on retail distribution and digitalisation, and more...

FSR Weekly Update - 7 October 2022

In this edition, the FCA has published its quarterly whistleblowing data for Q2 2022, the FCA fines a firm and its former directors following market abuse reporting failures, ESMA publishes an article on crypto-assets and their risks for financial stability, the HKMA consults on adjustments to proposals for implementing the Basel III final reform package, the FSOC publishes its Digital Assets Report 2022, and more...

FSR Weekly Update - 30 September 2022

In this edition, the FCA publishes a speech on the Consumer Duty and regulatory reform, the ESAs publish their Work Programme for 2023, the ECB provides a progress update on the digital euro, HKMA sets out supervisory expectations on payment card security in light of increase in data breach incidents, BSP issues prudential requirements applicable to digital banks, the IMF publishes a note on CBDCs in Asia and the Pacific, and more...

FSR Weekly Update - 23 September 2022

In this edition, the FCA publishes a CP on guidance on the trading venue perimeter, ESMA publishes a letter to the EC on developments in energy derivatives markets, the HKMA sets out its policy stance and next steps on the retail CBDC (e-HKD), the US Treasury publishes reports on digital assets, the GFANZ consults on development of NZDPU, and more...

FSR Weekly Update - 16 September 2022

In this edition, APRA outlines its plans to modernise the Australian prudential architecture, MAS launches the Financial Industry Transformation Map 2025, the EC announces measures to address the energy crisis and set out workstreams related to the financial system, the US SEC Corporate Finance Division announces plans to add offices focused on crypto assets and industry applications and services, the WWF issues a call to action to central banks and supervisors on climate and biodiversity risks, and more...

FSR Weekly Update - 9 September 2022

In this edition, the FCA publishes a speech on fighting financial crime, ESMA responds to the consultation on draft European Sustainability Reporting Standards, the SFC Deputy CEO delivers a speech on market resilience, virtual assets and sustainable finance, RBI issues digital lending guidelines, the NGFS publishes scenarios for central banks and supervisors, and more...

FSR Weekly Update - 2 September 2022

In this edition, the FCA publishes an Occasional Paper on robo-advice for borrower repayment decisions, ESMA publishes its latest TRV Report, HKMA sets out supervisory expectations relating to the adoption of cloud computing, MAS and BI announce work on cross-border QR code payments connectivity, the Fed updates FedNow service timing to mid-2023, the FSB publishes a speech on making the most of digital payments, and more...

FSR Weekly Update - 26 August 2022

In this edition, the FCA announces a new advisory committee on ESG and seeks external experts to join, the ECB publishes a policy presentation on CBDCs, the Australian Government commences work on a crypto asset regulatory framework, MAS publishes an information paper on AML/CFT practices for external asset managers, the BoT publishes a plan to guide the transition towards environmental sustainability, the FSI publishes a brief on safeguarding operational resilience, and more...

FSR Weekly Update - 19 August 2022

In this edition, the FCA announces a £12.6m fine against a firm for MAR failings, ESMA responds to the EC's consultation on the BMR review, the ECB issues a CBDC working paper, the SFC publishes its quarterly report for April to June 2022, the RBI issues a discussion paper on charges in payment systems, the CFTC issues final rules modifying the swap clearing requirement in support of the transition from LIBOR and other interbank offered rates to alternative reference rates, the IMF publishes a working paper on debt-for-climate swaps, and more...

FSR Weekly Update - 12 August 2022

In this edition, the BoE publishes the minutes from the fourth meeting of the CBDC Engagement Forum, ESMA publishes the draft programme for the ESAs Joint Consumer Protection Day, ASIC releases research about investment behaviour, HKMA and InvestHK announce the addition of a CBDC track to the Global Fast Track 2022, the BSP recalibrates the approach to the licensing of VASPs, the SEC proposes rules to improve clearing agency governance and to mitigate conflicts of interest, and more...

FSR Weekly Update - 5 August 2022

In this edition, the FCA publishes a policy statement on strengthening financial promotion rules for high risk investments and firms approving financial promotions, the EC publishes a summary report on its consultation on ESG ratings market in the EU and ESG factors in credit ratings, the SFC publishes an agenda setting out a way forward for green and sustainable finance, the SCM consults on technology risk management framework, the BoT sets out plans to pilot a Retail CBDC, and more...

FSR Weekly Update - 29 July 2022

In this edition, the FCA publishes final rules and guidance for the new Consumer Duty, ESMA issues a call for evidence on pre-hedging, ASIC releases an enforcement and regulatory update, HKMA shares sound practices for payment operations, MAS publishes its Sustainability Report for 2021/22, SECT consults on the governance of digital asset operators, the SEC charges a former Coinbase manager and two others in a crypto asset insider trading action, the ISSB provides an update on sustainability disclosure standards, and more...

FSR Weekly Update - 22 July 2022

In this edition, UK regulators consult on measures to oversee critical third parties, HMG consults on the approach to regulating AI, the EBA reports on remuneration practices and high earners, GRI publishes research on corporate climate reporting in ASEAN, Bank Indonesia issues implementing regulation on payment system, CFTC extends comment period for RFI on climate-related financial risk, and more...

FSR Weekly Update - 15 July 2022

In this edition, the FCA publishes a speech on how the UK will regulate for the future, the TSC launches an inquiry into crypto-assets in the UK, the ECB publishes a speech on using AI to fight financial crime, the BSP publishes a progress update on sustainable finance, the US Treasury publishes a framework for international engagement on digital assets, IOSCO publishes a final report on operational resilience of trading venues and market intermediaries, and more...

FSR Weekly Update - 8 July 2022

In this edition, the FCA announces that Ashley Alder has been appointed as the new FCA chair, the FCA publishes PS22/8 on protecting investors in authorised funds following the Russian invasion of Ukraine, ESMA publishes a CP on its Guidelines on MiFID II product governance requirements, the EC adopts the New European Innovation Agenda, HKMA launches an industry consultation on the implementation of the Basel III final reform package, the BNM publishes a discussion paper on the 2024 climate stress test, IOSCO publishes its Crypto-Asset Roadmap for 2022-23, and more...

FSR Weekly Update - 1 July 2022

In this edition, the BoE publishes a speech on enhancing cross-border payments, ESMA publishes a letter on the prioritisation of its deliverables for 2022, the European Commission, the European Parliament and the Council of the EU reach political agreement on MiCA, the HKMA issues a circular on its two-year plan to embed climate risk in banking supervision, MAS publishes a thematic review on AI and machine learning, the BCBS publishes a consultation on the prudential treatment of crypto-asset exposures, and more...

FSR Weekly Update - 24 June 2022

In this edition, the FCA publishes a report on supporting innovation in ESG data and disclosures, the TSC establishes a sub-committee for scrutiny of financial services regulations, ESMA publishes updated Q&As on MAR, the APRA Chair delivers reflections on APRA’s latest priorities, HKMA publishes its annual report for 2021, the SCM publishes a speech on sustainable and responsible investment, the BISIH publishes a report on using CBDCs across borders, and more...

FSR Weekly Update - 17 June 2022

In this edition, the FCA publishes a statement on its market abuse and manipulation work, the FCA also publishes a speech on phase 2 of the Listing Rules reform, ESMA publishes its Annual report for 2021, ASIC releases an information sheet to help issuers avoid ‘greenwashing’, the HKMA publishes a report on Covid-19 and the operational resilience of Hong Kong’s financial services industry, SECT consults on digital asset advertising, the SEC charges an asset management firm with short selling violations, the BIS Innovation Hub announces new projects and publishes bulletin on crypto and DeFi, and more...

FSR Weekly Update - 10 June 2022

In this edition, the FCA publishes a policy statement on preventing claims management phoenixing, HMT publishes its consultation response on SMCR for FMIs, EBA issues guidelines to resolution authorities on the publication of writedown, conversion and bail-in exchange mechanic, the SFC reminds investors of the risks associated with NFTs, SEBI cautions investors against dealing with unregulated platforms offering algorithmic trading, the FATF publishes a follow-up report on AML/CTF measures in the UK, and more...

FSR Weekly Update - 3 June 2022

In this edition, Green Swan Conference 2022 sessions are available to view, Bank of England Executive Director Andrew Hauser examines the potential impact of crypto on central bank balance sheets, HM Treasury consults on managing the failure of a systemic digital settlement asset firm, the European Supervisory Authorities issue some clarifications on draft regulatory technical standards on disclosures under the SFDR, ASIC releases an updated ePayments Code, the HKMA finalises new SPM module OR-2 (Operational Resilience) and revised SPM module TM-G-2 (Business Continuity Planning), MAS announces further digital banking security measures, the Securities Commission of Malaysia publishes its findings on clone firm scams, and more...

FSR Weekly Update - 27 May 2022

In this edition, the Bank of England releases the results of the Climate Biennial Exploratory Scenario, the PSR consults on broadening participation for 'confirmation of payee', ESMA publishes a study into the lower costs associated with ESG funds, ASIC proposes extending its binary options product intervention order, in Hong Kong amendments to the Banking (Capital) Rules regarding the treatment of banks; equity investments in funds and other matters take effect on 1 July 2022, the CFTC staff renews temporary no-action relief for entities submitting swaps for clearing with DCOs acting under exemptive orders or no-action relief, and more...

FSR Weekly Update - 20 May 2022

In this edition, the FCA consults on the expansion of the Dormant Assets Scheme, ESMA consults on CCP resolution, the CPMI publishes working papers on DLT and on building regional payment areas, the ISSB sets out actions required to deliver a global baseline of sustainability disclosures, and more...

FSR Weekly Update - 13 May 2022

In this edition, the FCA publishes a speech on the insurance broking sector, HMT publishes a consultation on the statutory debt repayment plan, EBA publishes final technical standards on crowdfunding service providers, the EC launches consultations on PSD2 and open finance, MAS-convened GFIT consults on second version of Green and Transition Taxonomy, the BCBS publishes a speech on cryptoassets, and more...

FSR Weekly Update - 6 May 2022

In this edition, the FCA publishes a speech on the lessons from the last 30 years, the PRA publishes a PS on trading activity wind-down, EBA publishes a DP on the role of environmental risk in the prudential framework, BSP explores machine learning uses for central banking functions, the BIS publishes the results of the 2021 survey of central banks on CBDCs, and more...

FSR Weekly Update - 29 April 2022

In this edition, the FCA publishes a CP on protecting investors in authorised funds following Russia's invasion of Ukraine, the PRA publishes a speech on next steps for operational resilience, ESMA publishes its final report on certain aspects of retail investor protection, HKMA publishes DP on policy and design issues for introducing rCBDC in Hong Kong, FSB publishes report on supervisory and regulatory approaches to climate-related risks, and more...

FSR Weekly Update - 22 April 2022

In this edition, the FCA publishes its multi firm review on financial crime controls at challenger banks, the FCA also publishes a policy statement on D&I on company boards and executive management, ESMA publishes a letter to the EC on the MiFID II suitability consultation, the HKMA is to launch a review of the Code of Banking Practice amidst rapid growth of digital banking transactions, the BIS publishes a speech on CBDCs, and more...

FSR Weekly Update - 14 April 2022

In this edition, the FCA publishes its thematic review on wind-down planning, the BoE publishes CPs on FMI outsourcing and third party risk management, the ESAs publish a report on risks and vulnerabilities in the EU financial system, MAS announces an Australia-Singapore FinTech Bridge Agreement, the FSI publishes an Insight on CBDCs, and more...

FSR Weekly Update - 8 April 2022

In this edition, the FCA releases its Business Plan 2022/23 and a new three-year strategy, the European Commission launches a new EU Digital Finance Platform, APRA consults on interim reporting standards as part of its revisions to the capital framework for ADIs, the HKMA shares sound industry practices for customer data protection, RBI issues guidelines on digital banking, and more...

FSR Weekly Update - 1 April 2022

In this edition, the FCA publishes its regulatory round-up for March 2022, the PSR publishes its annual plan and budget for 2022/23, ESMA publishes a speech on key priorities for the asset management industry in 2022, MAS publishes a speech on its commitment to the ESG agenda, the BSP promotes financial innovation via a digital marketplace model, the FSB publishes its work programme for 2022, and more...

FSR Weekly Update - 25 March 2022

In this edition, the FCA issues operational resilience insights for insurance firms, the PRA publishes a statement on the implementation of Basel standards, the ESAs publish a joint supervisory statement on the application of SFDR, MAS announces the completion of prototypes for a common platform enabling international settlements using multiple central bank digital currencies, the SEC proposes rules to enhance and standardise climate-related disclosures for investors, the FSB publishes a report on fintech and market structure during Covid-19, and more...

FSR Weekly Update - 18 March 2022

In this edition, the FCA, BoE and OFSI publish a joint statement on sanctions and the cryptoasset sector, HM Government publishes its response to the report on the draft Online Safety Bill, ESMA publishes a working paper on flash crashes on sovereign bond markets, the BNM and the World Bank assess nature-related financial risks for Malaysian banks, IOSCO publishes its 2022 sustainable finance work plan, and more...

FSR Weekly Update - 11 March 2022

In this edition, the FCA issues a warning on illegal crypto ATMs operating in the UK, the PRA publishes a Policy Statement on operational resilience and operational continuity in resolution, ESMA publishes a letter on the MiFIR Review Proposal, ASIC releases a report on feedback from the ePayments Code review, MAS publishes a speech on trends shaping the global outlook, and more...

FSR Weekly Update - 4 March 2022

In this edition, the FCA publishes a speech on the UK market structure, HMT publishes the outcome of its consultation on amending the Banking Act 2009 in light of the IFPR, the ESMA Working Group on Euro Risk-Free Rates publishes its work programme for 2022/23, ASIC publishes its corporate governance priorities for the year ahead, MAS publishes a response to COS on the retail CBDC in Singapore, and more...

FSR Weekly Update - 25 February 2022

In this edition, the FCA publishes a statement on the new financial sanctions measures in relation to Russia, the FOS publishes its diversity, inclusion and well being report 2021, the ECB publishes a speech on central bank digital currencies, the Financial Secretary of Hong Kong announces proposals for development of Hong Kong as international financial centre in 2022-23, and more...

FSR Weekly Update - 18 February 2022

In this edition, the FCA issues a statement on funeral plan provider applications, the BoE publishes the AI Public-Private Forum Final Report, ESMA publishes a report on trends, risks and vulnerabilities in the market, SECT consults on digital asset advertising rules, the BIS and FSI publish their regulatory response to climate risks, the FSB publishes a report on the emerging risks from crypto-assets, and more...

FSR Weekly Update - 11 February 2022

In this edition, the FCA, BoE and RFRWG publish a joint statement on finalising LIBOR transition, ESMA publishes its Sustainable Finance Roadmap for 2022-2024, MAS and IBF launch a sustainable finance competency framework, the SEC issues a proposal to reduce risks in clearance and settlement, the BCBS publishes a speech on implementing Basel III, and more...

FSR Weekly Update - 4 February 2022

In this edition, HMG sets out the plans to bring forward the Brexit Bill in a policy paper, FCA publishes data on financial promotions, ESMA has published a supervisory briefing on the supervision of tied agents under MiFID, the EC has presented a Taxonomy Complementary Climate Delegated Act covering gas and nuclear, APRA has released its supervisory and policy priorities for 2022, a MAS-led industry group has published assessment methodologies for responsible use of AI, and more...

FSR Weekly Update - 28 January 2022

In this edition, the FCA publishes its Regulation Round-up for January 2022, the PSR publishes a CP on remedies for the card-acquiring market review, ESMA publishes a CP on multilateral systems and the trading venue perimeter, MAS delivers a keynote speech to the asset management industry on green finance, digitalisation, and governance and risk management, the BIS Innovation Hub publishes its work programme for 2022, and more...

FSR Weekly Update - 21 January 2022

In this edition, the FCA publishes a CP on strengthening our financial promotion rules for high risk investments including cryptoassets, the EBA publishes two CPs on remuneration and gender pay gap benchmarking exercises under CRD and IFD, the ECB publishes an opinion on a proposal for a regulation on European green bonds, the SEHK publishes a circular on trading related arrangements for SPACs, MAS and ABS announce measures to bolster the security of digital banking, the BIS publishes a speech on digital currencies, and more...

FSR Weekly Update - 14 January 2022

In this edition, the FCA publishes a feedback statement on accessing and using wholesale data, the House of Lords publishes a report on CBDCs, EBA publishes guidelines on improving resolvability and consults on transferability, HKMA issues a discussion paper on crypto-assets and stablecoins, SEBI consults on the regulatory framework for collective investment schemes, IOSCO publishes a consultation report on operational resilience of trading venues and market intermediaries during Covid-19, and more...

FSR Weekly Update - 7 January 2022

In this edition covering the period from 20 December 2021 to 7 January 2022, the FCA publishes a statement on 10% depreciation notifications extending the temporary measures, the FCA publishes a CP on dual-regulated firms to identify MRTs, ESMA publishes a call for evidence on the DLT Pilot Regime and the review of MiFIR RTS on transparency and reporting, APRA provides an update on aggregate committed liquidity facility, HKMA publishes results of climate risk stress test pilot exercise, the Federal Reserve issues update to its Payments Study, IOSCO extends the feedback period of its joint consultation on margining practices, and more...

2021

FSR Weekly Update - 17 December 2021

In this final edition for 2021, the FCA issues final rules on climate-related disclosures, the PRA publishes its policy on designating investment firms, the Swift Review report is published, ESMA updates a number of its Q&A documents, the ESRB reports on the usability of banks' capital buffers, a review of the quality of financial advice in Australia kicks off with the publication of draft terms of reference, ISDA publishes contractual standards for digital assets derivatives, and more...

FSR Weekly Update - 10 December 2021

In this edition, the FCA publishes CP21/36 on a new Consumer Duty, the LSB publishes its report and recommendations on the Access to Banking Standard, EIOPA launches its Digital Transformation Strategy, ASIC releases a report on the cyber resilience of financial markets firms, HKMA launches an enhanced competency framework on Fintech, FDIC launches an Office of Supervisory Appeals, the FSB publishes its 2021 Resolution Report, and more...

FSR Weekly Update - 3 December 2021

In this edition, the FCA publishes Policy Statement 21/22 to the Primary Market Effectiveness Review, the ECB publishes an occasional paper on CBDCs, APRA finalises a new bank capital framework designed to strengthen financial system resilience, MAS updates its FAQs on reporting of derivatives contracts, FATF publishes its Annual Report 2020-2021, and more...

FSR Weekly Update - 26 November 2021

In this edition, the FCA publishes its third policy statement on IFPR, the BoE delivers a speech on enhancing cross-border payments, the ECB issues a press release calling on European banks to accelerate efforts to tackle climate change, HKMA announces the government's successful inaugural offering of RMB-denominated green bonds, the Federal Bank Regulatory Agencies issue a joint statement on crypto-asset policy initiative and next steps, the FSB publishes a statement to support preparations for LIBOR cessation, and more...

FSR Weekly Update - 19 November 2021

In this edition, the FCA publishes a CP on debt packagers, HMT publishes its Supervision Report 2019-20, ESMA publishes a letter to the EC on the designation of statutory replacement rates for GBP and JPY LIBOR, HKMA announces the successful offering of green bonds by the government, SEBI consults on changes to the IPO framework, the BCBS publishes a CP on climate-related financial risks, and more...

FSR Weekly Update - 12 November 2021

In this edition, the FCA, BoE and FMSB sign an MoU on co-operation, the BoE, HMT and the HoC publish next steps on a UK CBDC, the ECB publishes an opinion on a proposal for a regulation on European green bonds, MAS makes enhancements to its FinTech Regulatory Sandbox, SEBI delivers a speech on ESG and corporate reporting, the BIS delivers a speech on interoperability in payments, and more...

FSR Weekly Update - 5 November 2021

In this edition, the FCA publishes its ESG strategy and its D&I target outcomes, the PRA publishes its regulatory digest for October 2021, the ECB delivers a speech on CBDCs, HKMA publishes a statement in support of the NGFS Glasgow Declaration, the US President's Working Group on Financial Markets together with FDIC and the OCC have published a report on the regulation of stablecoins, IOSCO publishes recommendations for the asset management industry to address greenwashing concerns, and more...

FSR Weekly Update - 29 October 2021

In this edition, the FCA, PRA and The Pensions Regulator publish Climate Change Adaption Reports, ESMA publishes a statement on investment recommendations via social media, ASIC releases guidance on crypto-asset related investment products, FATF publishes updated guidance for a risk-based approach to virtual assets and VASPs, IOSCO publishes updated principles on outsourcing, and more...

FSR Weekly Update - 22 October 2021

In this edition, the FCA publishes its Perimeter Report, the BoE publishes a speech on climate action, the ESAs launch a call for evidence regarding the PRIIPs Regulation, HKMA delivers a keynote address on the LIBOR transition and sustainable finance, and the FSB publishes a report on cyber incident reporting, and more...

FSR Weekly Update - 15 October 2021

In this edition, the FCA publishes policy statement 21/13 on the LIBOR transition and the derivatives trading obligation, the BoE publishes a speech on the impact of crypto on financial stability, ESMA appoints a new Chair, the BCBS publishes a report on Basel III implementation progress, and more...

FSR Weekly Update - 8 October 2021

In this edition, the Bank of England publishes the latest FPC minutes, FCA's Director of Consumer and Retail Policy speaks on regulating for better outcomes in relation to consumer credit, EIOPA reports on failures and near misses in insurance, ASIC reminds credit licensees of new breach reporting obligations, the HKMA releases a technical whitepaper on retail CBDC, and more...

FSR Weekly Update - 1 October 2021

In this edition, the FCA publishes arrangements for the wind-down of LIBOR and CP21/29, ESMA publishes a MiFID II review report on algorithmic trading, MAS publishes a speech on sustainable investment initiatives, FINRA adopts rules to address firms with a significant history of misconduct, the BIS publishes reports on CBDCs, and more...

FSR Weekly Update - 24 September 2021

In this edition, the FCA publishes a speech on culture and D&I, HMT launches a consultation on the Economic Crime Levy, the ECA publishes a report on sustainable finance, APRA releases an interim update on its policy priorities for 2021, the BCBS calls for improved cyber resilience, reviews climate-related financial risks and discusses impact of digitalisation in its latest newsletter, and more...

FSR Weekly Update - 17 September 2021

In this edition, the FCA publishes a speech on modernising the listing regime, the House of Lords publishes a call for evidence on CBDCs, EBA publishes revised guidelines on DGS stress tests, ASIC brings criminal charges against an Australian bank for mis-selling consumer credit insurance, MAS issues a response on the implementation of final Basel III reforms, and more...

FSR Weekly Update - 10 September 2021

In this edition, the FCA publishes a speech on the risks of token regulation, the ESAs publish their Joint Assessment Report 2021, ASIC releases an enforcement update for January to June 2021, the BIS publishes a speech on Basel III, IOSCO publishes a report on use of AI and ML by market intermediaries and asset managers, and more...

FSR Weekly Update - 3 September 2021

In this edition, the FCA publishes its Quarterly Consultation No 33, the FCA reminds firms about financial crime risks linked to Afghanistan, ESMA publishes its second report on trends, risks and vulnerabilities, MAS and BNM announce that the BIS Innovation Hub and central banks will test CBDCs for international settlements, IAIS publishes an application paper on macroprudential supervision, and more...

FSR Weekly Update - 27 August 2021

In this edition, the FCA and JFSA sign an MoU on cooperation regarding credit rating agencies, the European Commission publishes a study on integrating ESG into banking, ASIC and APRA publish their Corporate Plans for 2021–2025, the BIS Innovation Hub and HKMA investigate how tokenised green bonds can improve sustainable investment, the IMF publishes a paper on the impact of FinTech on central bank governance, and more...

FSR Weekly Update - 20 August 2021

In this edition, the FCA updates its PS on general insurance pricing practices, the ECB and SEC sign an MoU on the supervision and oversight of cross-border OTC entities, the SFC releases a circular on the management and disclosure of climate-related risks by fund managers, FINRA reminds firms of their supervisory obligations related to outsourcing to third-party vendors, and more...

FSR Weekly Update - 13 August 2021

In this edition, the FCA, PRA, and the BoE sign a memorandum of understanding with the US SEC on supervision and oversight of cross-border OTC entities, the ECB publishes a roadmap on the greening of monetary policy, ASIC outlines its enforcement approach to financial services reforms, the BIS Innovation Hub and MAS propose a global real-time retail payments network, and more...

FSR Weekly Update - 6 August 2021

In this edition, the FCA publishes its third CP on the new UK prudential regime for MiFID investment firms, ESMA publishes a report to the EC on the use of fintech by CSDs, ESMA and EIOPA publish a call for advice on the EU Retail Investment Strategy, AFMA supports reform of cross border financial regulation, the BIS publishes an FSI Insights Paper on the emerging regulatory expectations on the use of AI in the financial sector, and more...

FSR Weekly Update - 30 July 2021

In this edition, the FCA consults on issuing statutory notices - a new approach to decision makers, the FCA also publishes the second IFPR policy statement, EBA consults on technical standards to identify shadow banking entities, ASIC releases guidance and customer information requirements to implement the new add-on insurance deferred sales model, the SEC issues a substituted compliance determination for France, and more...

FSR Weekly Update - 23 July 2021

In this edition, the FCA publishes a statement on the exemptions to the Financial Promotions Order, the FCA and PRA have the seventh meeting of the joint Climate Financial Risk Forum, the EC consults on the functioning of the EU Securitisation Framework, ASIC consults on draft guidance for hawking reforms, the SFC issues a warning statement on unregulated virtual asset platforms, IOSCO and CPMI publish a report on FMIs’ business continuity planning, and more...

FSR Weekly Update - 16 July 2021

In this edition, the FCA publishes its Business Plan for 2021/22, ESMA launches a consultation on the review of the MAR guidelines, APRA consults ADIs on preparedness for zero and negative interest rates, the Green and Sustainable Finance Cross-Agency Steering Group announces next steps to advance Hong Kong's green and sustainable finance strategy, the GFXC publishes the outcomes from the review of the FX Global Code, and more...

FSR Weekly Update - 9 July 2021

In this edition, the FCA and PRA publish a discussion paper on diversity and inclusion in the financial sector, the FCA also publishes a statement on the supervision of commodity position limits, ESMA publishes a consultation on MiFIR transparency requirements, the HKMA publishes a leaflet and updated Q&As to assist AIs in promoting awareness of LIBOR transition to corporate customers, MAS and Banque de France announce the first use of automated market making in successful m-CBDC experiment, the FSB announces a roadmap for addressing climate-related financial risks, and more...

FSR Weekly Update - 2 July 2021

In this edition, the FCA publishes a policy statement on the implementation of the UK IFPR, the PRA publishes its Regulatory Digest for June 2021, the EBA publishes a report on RegTech in the EU financial sector, ASIC consults on crypto-asset based ETPs and other investment products, the SFC issues a circular to provide updated guidance on enhanced disclosures for ESG funds, MAS consults on enhancing investigative and other powers, the FATF publishes a report on the opportunities and challenges of new technologies for AML/CFT, and more...

FSR Weekly Update - 25 June 2021

In this edition, the FCA consults on further climate-related disclosure rules, the BoE publishes a speech on the evolution of the UK payments system, the ECB takes over the supervision of systemic investment firms, MAS consults on enhancing pre and post-transaction safeguards for retail clients, the SECP reminds companies to register online lending apps, the IAIS consults on materials to support practical application of supervisory practices, and more...

FSR Weekly Update - 18 June 2021

In this edition, the FCA and BoE encourage market participants to switch to SOFR in USD, the BoE publishes a speech on CBDCs, the EIOPA publishes a report on AI governance principles, ASIC makes new market integrity rules for capital, SGX joins Nasdaq Sustainable Bond Network, the SEC charges six in Silicon Valley insider trading ring, and more...

FSR Weekly Update - 11 June 2021

In this edition, the FCA publishes its June policy development update, the BoE publishes a speech on stablecoins, the ESMA publishes its opinion on Netherlands AFM product intervention measures relating to 'turbos', HKMA announces a new "Fintech 2025" strategy, the BCBS launches a consultation on the prudential treatment of cryptoasset exposures, and more...

FSR Weekly Update - 4 June 2021

In this edition, the PRA and FCA write to CROs on pre-settlement counterparty credit exposure management and controls for DvP clients, HMT extends PRIIPs exemption for UCITS funds, the EBA issues a final report on draft ITS on benchmarking of internal models, APRA releases letter to ADIs on implementation of capital framework reforms, and more...

FSR Weekly Update - 28 May 2021

In this edition, the FCA stops a Cypriot firm offering CFDs to UK customers, the PRA publishes a speech on cyber risk, the ASA publishes its ruling in relation to a cryptocurrency exchange service, ESMA issues a call for evidence on digital finance, EBA publishes a consultation on guidelines for AML/CFT cooperation and information exchange, MAS publishes a speech on building resilience and navigating risks for fund managers, FINRA publishes its 2021 Industry Snapshot, and more...

FSR Weekly Update - 21 May 2021

In this edition, the FCA publishes a consultation paper on the use of powers under the Benchmarks Regulation, the PRA publishes a speech on climate change and the net zero economy, ESMA publishes an opinion on the Short-Selling Regulation, ASIC consults on updates to the ePayments Code, MAS releases a guide for climate-related disclosures and a framework for green trade finance, the BCBS publishes a speech on outlook for banking, and more...

FSR Weekly Update - 14 May 2021

In this edition, the FCA publishes its long-awaited consultation on a new Consumer Duty, the UK regulators discuss access to cash, the European Commission consults on retail investment strategy, the HKMA issues an update on implementation of the open API framework, MAS consults on proposals to mandate reference checks, the Philippines joins the ASEAN CIS Framework, the US SEC awards $22m to two whistleblowers, and more...

FSR Weekly Update - 7 May 2021

In this edition, the FCA publishes a CP on a new authorised fund regime for investing in long-term assets (productive finance), the PRA gives a speech on operational resilience, EIOPA launches its 2021 insurance stress test, HKMA issues guidelines on a Green and Sustainable Finance Grant Scheme, MAS launches a Global FinTech Hackcelerator for a Greener Financial Sector, IOSCO publishes its report on the thematic review of business continuity plans, and more...

FSR Weekly Update - 30 April 2021

In this edition, the FCA publishes insights from the 2020 Cyber Coordination Groups, the Financial Services Bill receives Royal Assent, the FCO and OFSI publish guidance on global anti-corruption following the introduction of the Global Anti-Corruption Sanctions Regulations 2021, EIOPA issues a discussion paper on blockchain and smart contracts, APRA consults on guidance in support of prudential standards on remuneration, MAS publishes a report on critical infrastructure for an inclusive digital economy, IOSCO publishes a speech on corporate sustainability disclosure standards, and more...

FSR Weekly Update - 23 April 2021

In this edition, the FCA gives a speech on black inclusion, the FCA also starts criminal proceedings for fraud and unauthorised business, the BoE and HMT announce a CBDC Taskforce, the Commission proposes a new legal framework for AI, HKMA issues a circular regarding the BCBS’s principles on operational resilience and the sound management of operational risk, FINRA issues a podcast on fraud in the broker-dealer industry, and more...

FSR Weekly Update - 16 April 2021

In this edition, the FCA and PRA publish a joint statement on the FSB peer review, EBA publishes final draft RTS on methods of prudential consolidation under the CRR, the Commission's Regulatory Scrutiny Board publishes its annual report for 2020, the HKMA and SFC commence a joint consultation on updating the list of financial services providers under the OTC derivatives clearing regime, the BCBS releases its work programme for 2021/22 and publishes reports on climate-related financial risks, and more...

FSR Weekly Update - 9 April 2021

In this edition, the FCA publishes its April policy development update, the PRA publishes a consultation paper on regulated fees and levies, ESMA publishes its annual report on corporate reporting enforcement and regulatory activities in 2020, AFMA amends its Environmental Products Market Conventions, and the BIS publishes an FSI insight on supervising cryptoassets for AML, and more...

FSR Weekly Update - 1 April 2021

In this edition, the FCA and the PRA publish policy statements on operational resilience, the FCA publishes finalised guidance on cancellations and refunds, ESMA clarifies corporate disclosure obligations for UK issuers after Brexit, ASIC issues product intervention orders, and the BCBS also publishes its principles for operational resilience, and more...

FSR Weekly Update - 26 March 2021

In this edition, the FCA publishes 'Dear CEO' letter on transition from LIBOR to Risk Free Rates (RFRs), the FCA launches a whistleblowing campaign, ESMA's Chair delivers a speech at the ESMA 10th Anniversary Conference, HKMA launches a Global Regtech Challenge, and the FATF launches a consultation on draft guidance on a risk-based approach to VAs and VASPs, and more...

FSR Weekly Update - 19 March 2021

In this edition, the FCA delivers a speech on the regulation of wholesale financial markets, the PRA issues a policy statement on regulatory transaction fees for holding companies, ESMA publishes a Report on Trends, Risks and Vulnerabilities, MAS consults on an exemption framework for cross-border business arrangements of capital markets intermediaries, the CFTC establishes a new Climate Risk Unit, the FSB's Secretary General delivers a speech on its work agenda, and more...

FSR Weekly Update - 12 March 2021

In this edition, the FCA delivers a speech on market abuse, HM Treasury publishes updated guidance on monetary penalties for breaches of financial sanctions, EBA launches a consultation on guidance for granting credit institution authorisations, ASIC consults on implementing a deferred sales model for add-on insurance products, the Fed issues a letter and guidance on the transition away from LIBOR, FATF publishes a report on Trade-Based Money Laundering, and more...

FSR Weekly Update - 5 March 2021

In this edition, the FCA issues a statement on the future cessation and loss of representativeness of the LIBOR benchmarks, HM Treasury publishes the independent UK Listing Review by Lord Hill, the Council of the EU publishes an opinion on DORA, the Council of Financial Regulators issues its Quarterly Statement, the US SEC establishes a Climate and ESG Task Force within its Enforcement Division, FATF issues guidance for applying a risk-based approach to AML/CFT Supervision, and more...

FSR Weekly Update - 26 February 2021

In this edition, the FCA issues finalised guidance on the fair treatment of vulnerable customers, HMT publishes the Kalifa Review of UK FinTech, ESMA releases a consultation on regulating crowdfunding under ECSPR, ASIC launches immunity policy for market misconduct offences, the US Fed, CSBS, FDIC, NCUA and OCC issue an interagency statement on the Texas winter storms, IOSCO releases a statement on the IFRS Foundation's SSB and the work of STF, and more...

FSR Weekly Update - 19 February 2021

In this edition, the FCA commences criminal proceedings against two brothers for inside dealing and fraud, HM Treasury publishes a consultation on supporting the wind-down of critical benchmarks, EIOPA issues its Union-wide strategic supervisory priorities, the Singapore Exchange releases amendments to the SGX Mainboard and Catalist Rulebooks, US SEC Acting Chair Herren Lee changes the Agency's policy on contingent settlement offers, the United Nations Environment Programme's Finance Initiative publishes guidance for the banking industry on managing the climate transition, and more...

FSR Weekly Update - 12 February 2021

In this edition, the FCA releases its Financial Lives 2020 survey, the Governor of the Bank of England Andrew Bailey delivers a speech on an open and global financial system, the European Commission issues two consultations on rules concerning settlement finality and financial collateral arrangements, the Hong Kong SFC consults on conduct requirements for bookbuilding and placing activities, Singapore's MAS publishes Notice PSN01AA on AML/CFT, the US SEC requests comment on potential MMF reform options, the GLEIF publishes material on its vLEI system, and more...

FSR Weekly Update - 5 February 2021

In this edition, the FCA and PRA issue statements on changes to regulatory reporting during Covid-19, the FCA publishes its Approach to International Firms, the PRA publishes a 'Dear CEO' letter on operational readiness for a zero or negative bank rate, the EBA launches the 2021 EU-wide stress test exercise, APRA releases its 2020 Year in Review, Singapore's MAS and SGX RegCo highlight the risks related to trading incited by online discussions, the SEC issues a statement on recent market volatility, the OCC puts a hold on the Fair Access Rule, and more...

FSR Weekly Update - 29 January 2021

In this edition, the FCA issues its finalised guidance on repossessions in relation to mortgages and consumer credit and sets out its intention to consult on an increase in the limit for contactless payments, ESMA updates its Q&As on SFTR data reporting and EMIR reporting issues, the Australian Treasury releases the outcome of the review of the governance of ASIC, US Treasury Secretary Janet Yellen contacts her UK and German counterparts, ISDA's new IBOR fallbacks take effect for derivatives, and more...

FSR Weekly Update - 22 January 2021

In this edition, the FCA issues a 'Dear CEO' letter following the BI insurance test case, the PRA and FCA consult on the 2021/22 management expenses levy limit for the FSCS, the EU Regulation on the Recovery and Resolution of CCPs is published in the OJ, Singapore's MAS issues revised Technology Risk Management Guidelines, the US OCC finalises the 'Fair Access' rule, the FSB releases its 2021 work programme, and more...

FSR Weekly Update - 15 January 2021

In this edition, the Supreme Court hands down judgment in the business interruption insurance test case, the FCA publishes Market Watch 66, the ECB issues its finalised guide on its supervisory approach to consolidation for banks in the single supervisory mechanism, APRA releases a new FAQ for ADIs on the measurement of credit risk weighted assets, the US DoJ announces that the owner of a crypto exchange has been sentenced to prison for money laundering, and more...

FSR Weekly Update - 8 January 2021

In this edition covering the period from 21 December 2020 to 8 January 2021, the Trade and Cooperation Agreement and European Union (Future Relationship) Act 2020 (and commencement regulations) are published, the FCA updates it expectations on market trading and reporting, ESMA consults on fines and penalties for DRSPs and Benchmark Administrators, the Hong Kong SFC concludes its consultation on CDD requirements for OFCs, the US SEC issues a statement and request for comment on the custody of digital asset securities by special purpose broker-dealers, IOSCO issues an industry questionnaire on ETFs, and more...

2020

FSR Weekly Update - 18 December 2020

In this edition, the FCA provides an update on its SMCR expectations for solo-regulated firms and Approved Persons Regime expectations for firms using Appointed Representative arrangements, both the PRA and FCA provide an update on their SMCR expectations for dual-regulated firms, the final reports for two independent reviews concerning the FCA are published, the EBA and ECB advise banks on dividends and other distributions, the Monetary Authority of Singapore (MAS) releases a consultation on draft standards for operational risk capital and leverage ratio requirements, Massachusetts files a complaint against a trading platform, the FSB issues a report on global trends and risks in non-bank financial intermediation, and more...

FSR Weekly Update - 11 December 2020

In this edition, the FCA confirms the speculative mini-bond mass-marketing ban, the PRA issues a statement on capital distributions to shareholders, the UK Supreme Court remits the £14bn class action against Mastercard back to CAT for reconsideration of certification, the EBA publishes a report on the impact of implementing the final Basel III reforms, ASIC takes action against an Australian-based forex broker and its former corporate authorised representatives, the US CFTC approves final rules on margin requirements for uncleared swaps for swap dealers and major swap participants, the IFSB adopts new standards for the Islamic financial services industry, and more...

FSR Weekly Update - 4 December 2020

In this edition, the FCA and PRA consult on their approach to temporary, long-term senior manager absences, EIOPA issues a discussion paper on the methodology for integrating climate change in the Nat Cat standard formula, ASIC issues an information sheet on managing conduct risk during LIBOR transition, HKMA announces details of pilot climate risk stress test, the US SEC Awards Over $6 Million to Joint Whistleblowers, UNEPFI issues draft guidance on principles for responsible banking, and more...

FSR Weekly Update - 27 November 2020

In this edition, the FCA releases statements on the reporting of derivatives under UK EMIR and the reporting of securities financing transactions under UK SFTR, Sir Geoffrey Vos delivers a speech on technologically-based reforms, ESMA publishes a statement on the derivatives trading obligation post-EU Exit, MAS launches a grant scheme to support green and sustainability-linked loans, the US SEC issues two proposals in relation to Securities Act Rule 701 and Form S-8, the BIS publishes a keynote speech on the role of FinTech companies in green finance, and more...

FSR Weekly Update - 20 November 2020

In this edition, the FCA confirms support for certain mortgage and consumer credit customers affected by Covid-19, ESMA issues two consultations relevant to the authorisation and supervision of data reporting services providers (DRSPs), HKMA launches a consultation on the implementation of the Basel III final reform package, the US Senate Banking Committee holds a hearing on the oversight of the SEC, the FSB publishes its review of the March 2020 market turmoil and suggests steps to strengthen the resilience of NBFIs, and more...

FSR Weekly Update - 13 November 2020

In this edition, HM Treasury publishes equivalence decisions for EEA states, the Chancellor sets out his ambition for the future of UK financial services, ESMA issues its Union Strategic Supervisory Priorities, the Monetary Authority of Singapore highlights the need for financial institutions to review security controls, the US Senate Banking Committee conducts a hearing on 'Oversight of Financial Regulators', the FSB publishes its annual report on the implementation and effects of the G20's financial regulatory reforms, and more...

FSR Weekly Update - 6 November 2020

In this edition, the FCA bans three individuals from working in the financial services industry for non-financial misconduct, the FCA issues draft updated and additional guidance for consumer credit and mortgage borrowers, ESMA consults on draft advice under Article 8 of the Taxonomy Regulation, the Monetary Authority of Singapore announces an extension to existing support measures to help SMEs, the SEC adopts a modernised regulatory framework for derivatives use by registered funds and business development companies, BCBS publishes its Basel III implementation report, and more...

FSR Weekly Update - 30 October 2020

In this edition, the FCA publishes finalised guidance for insurance and premium finance firms, the Bank of England and PRA consult on a package of proposals relating to resolution policy, ESMA submits draft RTS and draft ITS under the revised MAR, the Hong Kong SFC consults on proposed requirements on the management and disclosure of climate-related risks by fund managers, the US SEC and CFTC issue a Final Rule on Security Futures Margin and Request for Comment on Portfolio Margining, ISDA launches the IBOR Fallbacks Supplement and Protocol, and more...

FSR Weekly Update - 23 October 2020

In this edition, HMT releases a call for evidence on its Solvency II Review, the PRA publishes a consultation on the further implementation of CRD V, the European Commission publishes a consultation on the review of the AIFMD, the MAS publishes a consultation on proposed regulations and notices for licensed credit bureaus and approved members, the US CFTC and UK BoE sign a new MOU for the supervision of cross-border clearing organisations, the FSB issues a toolkit of effective practices for cyber incident response and recovery, and more...

FSR Weekly Update - 16 October 2020

In this edition, the FCA issues draft guidance for insurance and premium finance firms, the PRA publishes a template Dear CEO letter requesting information on firms' operational readiness for a zero or negative Bank Rate, the EBA publishes final draft RTS on the prudential treatment of software assets, APRA issues its Annual Report for 2019/20, the US SEC updates its regulatory framework for funds of funds arrangements, ISDA sets the date of publication for the IBOR Fallbacks Protocol and Supplement, and more...

FSR Weekly Update - 9 October 2020

In this edition, the FCA bans the sale of crypto-derivatives to retail consumers and publishes a statement on protecting mortgage borrowers, the European Parliament approves a uniform set of rules or crowdfunding platforms, APRA begins the roll-out of the new Supervision Risk and Intensity Model, the US SEC Whistleblower Program ends a record-setting year, the BIS and central banks publish their first CBDC report on key requirements, and more...

FSR Weekly Update - 2 October 2020

In this edition, the FCA finalises its guidance on cancellations and refunds, and consumer credit and overdraft products, ESMA publishes its Work Programme for 2021, the HKMA provides regulatory updates and discusses upcoming initiatives, large settlements are reached in the US in a series of 'spoofing' cases, the Basel Committee approves the annual G-SIBs assessment and updates its workplan, and more...

FSR Weekly Update - 25 September 2020

In this edition, the FCA holds its Annual Public Meeting, the FCA publishes the final report and consultation on GI pricing practices, the European Commission adopts a Digital Finance Package, ASIC extends Covid-19 relief for certain capital raisings and financial advice, the US DoJ announces that a former forex trader is sentenced to prison for price fixing and bid rigging, ISDA publishes a letter on the timing of the IBOR Fallbacks Protocol, and more...

FSR Weekly Update - 18 September 2020

In this edition, judgment is handed down in the business interruption insurance test case, the FCA and BoE respond to the Treasury Committee Chair on extending the complaints scheme consultation, the ECB allows temporary relief in banks' leverage ratio, the ASX revises temporary emergency capital raising measures, US state regulators roll out a comprehensive exam for nationwide payments firms, FATF publishes a report on red flag indicators of ML/TF for virtual assets, and more...

FSR Weekly Update - 11 September 2020

In this edition, the FCA publishes its Annual Report and Accounts 2019/20 and Market Watch 65, the EBA calls on the European Commission to establish a single rulebook on fighting AML/CFT,  the Australia Law Reform Commission looks into simplifying financial services regulation laws, US financial regulators testify on diversity and inclusion before the House Financial Services Committee, the FSB updates its report on the framework for haircuts on certain non-centrally cleared SFTs, and more...

FSR Weekly Update - 4 September 2020

In this edition, the FCA publishes Quarterly Consultation Paper No 29 and a Dear CEO Letter on its portfolio strategy for personal and commercial lines insurance intermediaries, ESMA confirms that SR requirements are to enter into force on 23 September 2020, ASIC commences civil penalty proceedings against a financial advice company, CSBS President and CEO comments on the OCC’s Payments Charter, and more...

FSR Weekly Update - 28 August 2020

In this edition, the FCA publishes a consultation on extending the scope of its annual financial crime reporting obligation, the FCA also modifies its rules governing CTF providers, ESMA proposes to further postpone the RTS on settlement discipline, the Hong Kong SFC announces that it has authorised two ETFs to be listed on the SEHK, the SEC proposes data security enhancements to the CAT NMS Plan, IOSCO releases it 2019 Annual Report, and more...

FSR Weekly Update - 21 August 2020

In this edition, the FCA confirms that it will reopen the notification window for the TPR on 30 September 2020, the FCA issues its August 2020 Regulation Round-Up, ESMA publishes its letter to the Commission regarding the review of AIFMD, ASIC manages the transition to a new regulatory regime for litigation funding schemes, US federal banking agencies issue a joint statement on the enforcement of BSA/AML requirements, and more...

FSR Weekly Update - 14 August 2020

In this edition, the FCA explains conduct rules reporting for solo-regulated firms; the UK and Bank of Thailand sign an MoU on financial services; the EBA publishes a revised work programme; the ACCC authorises the Australian Banking Association to coordinate Covid-19 relief measures; the NY Fed-based ARRC releases a SOFR 'starter kit', and more...

FSR Weekly Update - 7 August 2020

In this edition, alongside Covid-19 releases, the FCA  consults on CRD V remuneration requirements and new rules to improve open-ended property fund structures, HM Treasury releases its annual report on AML/CTF, the EBA issues final draft ITS on disclosure and reporting on MREL and TLAC, the Monetary Authority of Singapore announces key initiatives to support adoption of Singapore Overnight Exchange Rate, US federal banking agencies issue a final rule on Volcker Rule covered funds, and more...

FSR Weekly Update - 31 July 2020

In this edition, alongside Covid-19 releases, the FCA updates the FS Register, the PRA launches a consultation on CRD V, the EBA updates the 2021 EU-wide stress test timeline, the HKMA requests AIs to promote regtech adoption in the banking sector, the Federal Reserve extends lending facilities until 31 December 2020, ISDA releases a statement on adherence to IBOR fallback protocol, and more...

FSR Weekly Update - 24 July 2020

In this edition, the FCA proposes extending guidance for insurance and premium finance firms, HM Treasury relaunches the Independent Fintech Strategic Review and its decarbonisation and green finance inquiry, the European Commission launches the Capital Markets Recovery Package, the SEC adopts rule amendments on proxy voting advice, the HKMA provides guidance on BCBS FAQs on prudential issues relating to benchmark rate reforms, and more...

FSR Weekly Update - 17 July 2020

In this edition, alongside Covid-19 releases, the UK's FCA and City Corporation launch a 'digital sandbox' for innovative firms, HMT consults on the implementation of CRD V, the Joint Committee of the ESAs issue correspondence on the Renewing the Sustainable Finance Strategy, the HKMA announces LIBOR transition measures for AIs, the SEC's Market Monitoring Group issues a statement on financial stability issues, and more...

FSR Weekly Update - 10 July 2020

In this edition, alongside Covid-19 releases, the UK's OFSI, HMT and FCO issue guidance on the new Global Human Rights Sanctions Regulations, the European Commission communicates on the end of the Transition Period and issues an action plan on the CMU, the CFTC announces the finalisation of its 2020-24 Strategic Plan, the FSB, BCBS and IAIS set out supervisory recommendations for benchmark transition, the FATF publishes its 12-month review of virtual assets standards and stablecoins, and more...

FSR Weekly Update - 3 July 2020

In this edition, alongside Covid-19 releases, the UK FCA allows an e-money and payment firms to resume its activities, the UK PRA issues a 'Dear CEO' letter on climate-related financial risk, ESMA, EBA and EIPOA publish their responses to the EU Commission consultation on the New Digital Finance Strategy, the HKMA publishes a white paper on green and sustainable banking, the FATF outlines its objectives for 2020-22 and the outcomes from its June 2020 Plenary, the US SEC announces a messaging services company is to return $1.2 bn to investors, and more..., and more...

FSR Weekly Update - 26 June 2020

In this edition, alongside Covid-19 releases, Nikhil Rathi is announced as new FCA Chief Executive, the FCA releases a discussion paper on a new prudential regime for MiFID UK investment firms, the Taxonomy Regulation is published in the Official Journal of the EU, the HKMA and SFC issue joint consultation conclusions on the annual update to FSP list under clearing obligation for OTC derivative transactions, the SEC and Department of Justice sign a Memorandum of Understanding, IOSCO publishes Good Practices on processes for deference, and more...

FSR Weekly Update - 19 June 2020

In this edition, alongside Covid-19 releases, the UK FCA's Chairman publishes a speech on the financial system and post-pandemic recovery, the Bank of England publishes a speech on emerging issues and challenges on payments, the ECB releases a speech on its approach to climate risks, the Federal Reserve updates and expands the scope of the Secondary Market Corporate Credit Facility, the HKMA issues the findings of an industry-wide exercise to assess key skills gaps in the banking workforce, and more...

FSR Weekly Update - 12 June 2020

In this edition, alongside Covid-19 releases,  the UK FCA updates its guidance on reporting market abuse, the EBA consults on draft RTS on the prudential treatment of software assets under CRR, the ESAs announce a public hearing on ESG disclosures, the Hong Kong SFC proposes amendments to the REIT Code, the Federal Reserve expands its Main Street Lending Program for SMEs, and more...

FSR Weekly Update - 5 June 2020

In this edition, alongside Covid-19 releases, publications included the UK's Business Banking Resolution Service (BBRS) launching a consultation on its new dispute resolution service, ESMA publishing final guidance on the compliance function, the HKMA issuing key observations and good practices in AML/CFT control measures for remote customer on-boarding initiatives, the Securities and Exchange Board of India publishing a report by Working Group on Social Stock Exchange...

FSR Weekly Update - 29 May 2020

In this edition, COVID-19 releases continue to feature in regulators' output, the UK FCA publishes a statement on temporary relief for half yearly financial reports, ESMA updates a range of Q&As on MiFID II/MiFIR/EMIR, the Hong Kong Monetary Authority publishes a report on self-assessments of bank culture, the SEC adopts amendments to improve financial disclosures about acquisitions and dispositions of business, Comptroller of the Currency Joseph M Otting steps down, IOSCO consults on outsourcing principles to ensure operational resilience, and more...

FSR Weekly Update - 22 May 2020

In this edition, COVID-19 remains at the forefront of regulators' considerations, the UK FCA publishes a consultation on draft guidance for mortgage payment holidays, the UK Payment Systems Regulator publishes a speech on payments innovations, ESMA confirms the non-renewal and termination of short selling bans by EU regulators, the Hong Kong SFC and HKMA announce the commencement of a thematic review on spread charges and client disclosure, the Senate Banking Committee releases a letter on PPP for SMEs, and more...

FSR Weekly Update - 15 May 2020

In this edition, COVID-19 continues to dominate the news, the UK FCA publishes a statement requesting BI insurance information ahead of its High Court test case, the ECB blogs on the future of technology and the banking sector, the Federal Reserve updates the borrower and collateral eligibility criteria for the Term Asset-Backed Securities Loan Facility (TALF), the Hong Kong Monetary Authority proposes a mandatory reference checking scheme to address “rolling bad apples”, the FSB publishes a summary of its 2019 compensation workshop, and more...

FSR Weekly Update - 7 May 2020

In this edition, COVID-19 remains at the forefront of regulators' considerations, the UK Financial Services Regulatory Initiatives Forum launches a Regulatory Initiatives Grid, the UK Treasury Secretary communicates on post-Brexit equivalence in financial services, the European Commission publishes an action plan on preventing money laundering and terrorist financing, ESMA consults on SME growth markets, Hong Kong regulators and government bureaux form a Green and Sustainable Finance Cross-Agency Steering Group, Bank Indonesia introduces e-licensing, the FSB consults on guidance on assessing the adequacy of financial resources for CCP resolution, and more...

FSR Weekly Update - 1 May 2020

In this edition, COVID-19 releases continue to feature prominently in regulators' output, the UK FCA publishes a statement seeking a court declaration over business insurance cover, ESMA issues a No Action letter on the new ESG disclosure requirements under BMR, ASIC releases an enforcement update, the US AARC publishes a letter on accounting considerations for embedded derivatives, BCBS reports on climate-related financial risks, the G20/BIS announces a TechSprint on RegTech and SupTech challenges, and more...

FSR Weekly Update - 24 April 2020

In this edition, COVID-19 remains at the forefront of regulators' considerations, the UK FCA publishes its final report on the impact of the August 2019 deadline for PPI complaints, the European Commission communicates on the establishment of a sustainable investment and sustainability-related disclosures framework, the US ARRC releases its key objectives for 2020, the FSB consults on effective practices for cyber incident response and recovery, and more...

FSR Weekly Update - 17 April 2020

In this edition, COVID-19 releases continue to dominate regulators' output, the UK FCA publishes complaints data, the EU Council adopts the sustainable finance taxonomy regulation, ASIC’s product intervention order upheld by Federal Court in Australia, the SEC Philippines introduces new rules on the sale of corporate assets, international body CPMI reports on financial inclusion and fintech, and more...

FSR Weekly Update - 9 April 2020

In this edition, COVID-19 continues to dominate the news, the UK regulators publish their annual plans, the European Banking Authority (EBA) and Basel Committee issue Basel III reports, Australian regulators comment on LIBOR transition, the Hong Kong authorities publish conclusions on a revised model for uncertificated securities, and more...

FSR Weekly Update - 3 April 2020

In this edition, responding to COVID-19 continues to dominate regulators' output, ESMA issues final guidance on performance fees in UCITS and certain AIFs, the EU Commission publishes the GDPR roadmap for feedback, a portfolio analysis tool and guidance to support firms implementation of the UN-backed Principles for Responsible Banking has been released, and more...

FSR Weekly Update - 27 March 2020

In this edition, regulators and policymakers announce further policy measures in response to COVID-19, the UK government confirms that the temporary transitional power (TTP) will be available for a period of two years from the end of the transition period, ESMA has launched consultations regarding the EMIR Refit, the US CFTC has issued final interpretative guidance on actual delivery for digital assets, and more...

FSR Weekly Update - 20 March 2020

In this edition, regulators around the globe announce policy measures and other actions in response to COVID-19, the JMLSG launches a consultation on guidance for cryptoasset exchanges and custodian wallet providers, the EU Commission sets out the draft legal text for a future EU-UK relationship, the ECB's working group publishes factsheets to support the transition to risk-free reference rates, the IAIS launches an issues paper on Big Data, and more...

FSR Weekly Update - 13 March 2020

In this edition, the Chancellor delivers Budget 2020, the UK regulators announce measures in response to CORVID-19, FCA opens consultation on a more proportionate Listing Regime for OEICs, the EU supervisory authorities issue statements on CORVID-19, and more...

FSR Weekly Update - 6 March 2020

In this edition, the FCA consults on climate-related disclosures, the Chancellor writes on financial services equivalence, EIOPA publishes a number of EU-US Insurance Dialogue Project working group reports, the EU Commission commences its review of the Non-Financial Reporting Directive, the FATF issues guidance on digital identity, and more...

FSR Weekly Update - 28 February 2020

In this edition, the FCA publishes its STORs data for 2019, the PRA writes to insurers with outstanding EU liabilities, the UK government publishes its policy paper on the financial services aspects of the future EU-UK relationship, the EU Commission's lead negotiator Michel Barnier discusses equivalence, the IAIS publishes an issues paper on the TCFD recommendations, and more...

FSR Weekly Update - 21 February 2020

In this edition, HM Treasury and DCMS set out plans to expand the dormant assets scheme, FCA publishes its Sector Views, the ICO consults on an auditing framework for AI, the EU's Single Resolution Board proposes changes to the MREL policy, the FSB sets out areas of focus for the Saudi G20 Presidency, and more...

FSR Weekly Update - 14 February 2020

In this edition, Mark Steward speaks about the FCA's approach to enforcement, FCA publishes the results of its multi-firm review of basic bank accounts, ESMA outlines its expectations on ESG disclosures, and more...

FSR Weekly Update - 7 February 2020

In this edition, the CMA is commissioned by HM Treasury and BEIS to assess the state of competition in the UK, the FCA reminds firms about treatment of customers in persistent debt, EIOPA finalises its guidelines on outsourcing to cloud service providers, ESMA launches a coordinated supervisory action on MiFID II suitability rules, and more...

FSR Weekly Update - 31 January 2020

In this edition, the FCA has published final rules on mortgage advice and selling standards, FCA's Director of Competition and Director of Retail Banking Supervision have written to major banks about overdraft pricing, the EU Commission has set out its 2020 Work Programme, and more...

FSR Weekly Update - 24 January 2020

in this edition, the FCA's Andrew Bailey looks back on his time as CEO, the FCA sets out its supervision strategies for asset managers, alternative investment firms, and financial advisers, central banks convene to consider the case for central bank digital currencies, the CMA publishes an update on the loyalty penalty, and more...

FSR Weekly Update - 17 January 2020

In this edition, the UK regulators set out next steps for LIBOR transition in 2020, the FCA publishes the outcomes of a multi-firm review of asset management portfolio tools, the EBA publishes a peer review report on the application of the RTS on material risk takers, ISDA publishes IBOR fallback rate adjustments FAQs, IOSCO recommends synchronising clocks used for timestamping with UTC, and more...

FSR Weekly Update - 10 January 2020

In this edition, consultation opens on reform of the cash savings market, the FCA writes to CEOs about non-financial misconduct, ISDA publishes guidelines on the cross-border application of US, EU and Japan margin rules for non-cleared derivatives, and more...

FSR Weekly Update - 3 January 2020

In this edition (covering 23 December through to 3 January), the PSR publishes questions related to the market review into the supply of card-acquiring services, ESMA reports on EU issuers’ use of Alternative Performance Measures, and more...

2019

FSR Weekly Update - 20 December 2019

In this edition, the FCA launches a call for input on open finance, the PRA confirms final rules for regulatory reporting, ESMA issues a follow-up report on the fees charged by trade repositories and credit rating agencies, the FSB publishes its report on reforming major interest rate benchmarks, and more...

FSR Weekly Update - 13 December 2019

In this edition, the FCA publishes final rules to implement the Investment Platforms Market Study, ESMA reports on accepted market practices under MAR, the EBA consults on amending standards on benchmarking of internal models, CPMI issues its report on wholesale digital tokens, and more...

FSR Weekly Update - 6 December 2019

In this edition, the UK regulators issue a number of publications on operational resilience, the PRA consults on outsourcing and third party risk management, ESMA updates its Q&As, and more...

FSR Weekly Update - 29 November 2019

In this edition, the FCA commences consultation on extending the Senior Managers Regime to benchmark administrators, the EBA publishes guidelines on ICT and security risk management, the FSB publishes its final report on the impact of financial regulatory reforms on SMEs, and more...

FSR Weekly Update - 22 November 2019

In this edition, FCA's Director of Markets and Wholesale Policy discusses  the transition from LIBOR following the release of updated FCA guidance, the FCA clarifies the responsibilities of providers and distributors in the general insurance distribution chain, the EBA commences consultation on the draft ITS on disclosure and reporting of MREL and TLAC, and more...

FSR Weekly Update - 15 November 2019

In this edition, the FCA consults on fees and levies, the ECB risk-free reference rates working group reports on fallback arrangements, ESMA publishes data updates for MiFID II, and more...

FSR Weekly Update - 8 November 2019

In this edition, the FCA publishes a statement on MiFID II inducements and research, the Single Resolution Board launches a Q&A process for resolution reporting, the European Supervisory Authorities make statements to the EU Parliament about their current and future plans, and more...

FSR Weekly Update - 1 November 2019

In this edition, the Treasury Committee publishes its reports on economic crime and consumers, and on IT failures in the financial services sector, the PRA writes to CEOs about the reliability of regulatory returns, the EBA reports on impediments to cross-border provision of banking and payment services, and more...

FSR Weekly Update - 25 October 2019

In this edition, the Chief Executives of the PRA and the FCA deliver their remarks at the Annual City Banquet at the Mansion House, the Bank of England updates its webpage on stress testing, the EBA publishes its Opinion on the regulatory treatment of NPE securitisations, the G20 welcomes recent updates on stablecoins, and more...

FSR Weekly Update - 18 October 2019

in this edition, the FCA issues Market Watch 62 which focuses on personal account dealing, the PRA consults on supervising liquidity and funding risks, the JMLSG publishes syndicated lending guidance, EIOPA consults on the Solvency 2 2020 review, the FSB publishes a number of reports relevant to the G20 reforms, and more...

FSR Weekly Update - 11 October 2019

In this edition, the FCA updates firms on no-deal expectations, the Government responds to the Treasury Committee report on the regulatory perimeter, the EU Commission consults on Basel III reforms, and more...

FSR Weekly Update 4 October 2019

In this edition, the FCA publishes the interim report of its market study into pricing of home and motor insurance, the FCA and PRA change mortgage reporting requirements, the PRA consults on asset encumbrance, ESMA consults on MiFIR alignment following introduction of EMIR Refit, and more...

FSR Weekly Update 27 September 2019

In this edition, the FCA extends the duration of TPP directions, the Bank of England Governor speaks at the UN Climate Summit, the PRA consults on modelling of IPRE loans and internal credit assessments for illiquid, unrated assets under Solvency II, the EBA publishes its 2020 work programme, and more...

FSR Weekly Update 20 September 2019

In this edition, the FCA publishes the outcome of its review into MiFID II research unbundling rules, the PRA consults on Solvency II and PPP investment expectations, EIOPA reports on cyber risk for insurers, the UN launches Principles for Responsible Banking, and more...

FSR Weekly Update 13 September 2019

In this edition, the PRA issues its policy statement relevant to the supervision of international banks, the CMA publishes for consultation its provisional decision on Part 6 of the Retail Banking Market Investigation Order 2017, the FCA postpone its call for input on access and use of data in the wholesale markets, the EU Commission issues Q&As on the strong customer authentication (SCA) requirements of the revised Payment Services Directive (PSD2), and more...

FSR Weekly Update 6 September 2019

FSR Weekly Update for the period 2 September to 6 September 2019. In this edition, the FCA publishes the forms to be used to submit data for the new Directory, a number of statutory instruments related to the UK's withdrawal from the EU are published, ESMA publishes its final guidelines on liquidity stress tests for AIFs and UCITS, and more...

FSR Weekly Update 30 August 2019

FSR Weekly Update for the period 27 August to 30 August 2019. In this edition, the FCA updates the temporary permissions regime (TPR) website for inbound passporting firms and funds, the FCA publishes findings from its remuneration round 2018/19, the Law Commission seeks views on intermediated securities, the ECB publishes a paper on stability in crypto-assets, and more...

FSR Weekly Update 23 August 2019

FSR Weekly Update for the period 19 August to 23 August 2019. In this edition, the FCA writes to CEOs about Strong Customer Authentication (SCA) requirements in card-not-present ecommerce transactions, the Institute and Faculty of Actuaries publishes its guide to climate change for general insurance practitioners, the EBA and ESMA write to the EU Commission about cryptocurrencies, and more...

FSR Weekly Update 16 August 2019

FSR Weekly Update for the period 12 August to 16 August 2019. In this edition, the UK Advertising Standards Authority (ASA) sets out its ruling on a cryptocurrency trading platform's print advertisement, the FCA announces that it has agreed a plan for phased implementation of the EU Strong Customer Authentication (SCA) rules, the EU's Single Resolution Board (SRB) and EU Commission sign a memorandum of understanding on cooperation, and more...

FSR Weekly Update 9 August 2019

FSR Weekly Update for the period 5 August to 9 August 2019. In this edition, the FCA updates the terms of reference for membership and governance of the Global FInancial Innovation Network (GFIN), the Financial Ombudsman Service publishes information on consumer credit complaints, the European Banking Authority (EBA) publishes its opinion on aspects of the implementation of the Deposit Guarantee Schemes Directive (DGSD), and more...

FSR Weekly Update 2 August 2019

FSR Weekly Update for the period 29 July to 2 August 2019. In this edition, the Treasury Committee publishes its report on the regulatory perimeter, the PRA's Head of Legal, Enforcement and Litigation discusses the regulator's approach to enforcement, the European Commission calls for further advice on the Basel III framework, and more...

FSR Weekly Update 26 July 2019

FSR Weekly Update for the period 22 July to 26 July 2019. In this edition, the FCA publishes its Policy Statement on optimising the SMCR and the Directory, the FCA sets out its supervision strategy for stock brokers and wealth managers in a Dear CEO letter, the UK regulators publish updates and a consultation on EU Exit arrangements, the EBA publishes its Opinion of the relevance of money laundering and terrorist financing concerns to prudential supervision, and more...

FSR Weekly Update 19 July 2019

FSR Weekly Update for the period 15 July to 19 July. In this edition, HM Treasury releases a call for evidence on regulatory coordination to inform its Future Regulatory Framework Review, FCA publishes a feedback statement on fair pricing in financial services, ESMA consults on guidelines on the MiFID II compliance function requirements, and more...

FSR Weekly Update 12 July 2019

FSR Weekly Update for the period 8 July to 12 July. In this edition, the PRA writes to Remuneration Committee Chairs of Solvency II firms, the FCA publishes the results of its multi-firm review of retail banking business continuity planning, ESMA reports on the licencing of FinTech firms, and more...

FSR Weekly Update 5 July 2019

FSR Weekly Update for the period 1 July to 5 July 2019. In this edition, the FCA publishes the findings from its multi-firm review into compliance with PSRs and EMRs, the UK Government launches its Green Finance Strategy, EIOPA consults on guidelines on outsourcing to cloud service providers, and more...

FSR Weekly Update 28 June 2019

FSR Weekly Update for the period 24 June to 28 June 2019. In this edition, the UK Parliament's Treasury Committee announces its inquiry into the work of the FSCS, the FCA confirms recognition of the FX Global Code and UK Money Markets Code, the European Banking Authority sets out a roadmap for new market and counterparty credit risk approaches, and more...

FSR Weekly Update 21 June 2019

FSR Weekly Update for the period 17 June to 21 June 2019. In this edition, Mark Carney gives his final Mansion House address as Governor of the Bank of England, HM Treasury progresses its "Breathing Space" scheme, the European Banking Authority consults on guidelines on loan origination and monitoring, and more...

FSR Weekly Update 14 June 2019

FSR Weekly Update for the period 10 June to 14 June 2019. In this edition, the FCA publishes final rules on Buy Now Pay Later (BNPL), the PRA writes to CEOs of fast-growing firms, HM Treasury publishes the terms of reference for the Joint Authorities Cash Strategies Group, the EU Commission publishes its fifth Brexit Preparedness communication, and more...

FSR Weekly Update 7 June 2019

FSR Weekly Update for the period 3 June to 7 June 2019. In this edition, the FCA publishes final rules on overdraft market reforms, the PRA and FCA issue a joint statement on LIBOR transition, ESMA launches a supervisory action on MiFID II appropriateness rules, and more...

FSR Weekly Update 31 May 2019

FSR Weekly Update for the period 27 May to 31 May 2019. In this edition, the FCA publishes its near final rules to align the Handbook with the EU Prospectus Regulation, the new industry code on APP scams is launched, the US Treasury and HM Treasury announce the Financial Innovation Partnership, and more...

FSR Weekly Update 24 May 2019

FSR Weekly Update for the period 20 May to 24 May 2019. In this edition, the FCA publishes its first full decision under competition enforcement powers, the UK conduct regulator also extends the notification window for the Temporary Permissions Regime (TPR) in light of the delay to the UK's withdrawal from the EU, HM Treasury launches the independent investigation into the events surrounding the failure of London Capital & Finance plc, and more...

FSR Weekly Update 17 May 2019

FSR Weekly Update for the period 13 May to 17 May 2019. In this edition, the FCA provides an update on price discrimination in the cash savings market, the Bank of England speaks on operational resilience, the EU Commission requests advice from ESMA on the Market Abuse Regulation (MAR), and more...

FSR Weekly Update 10 May 2019

FSR Weekly Update for the period 7 May to 10 May 2019. In this edition, the UK Jurisdiction Taskforce opens its consultation on cryptoassets, DLR and smart contracts, the Treasury Committee reports on consumers' access to financial services, EIOPA issues a report on the use of Big Data, and more....

FSR Weekly Update 3 May 2019

FSR Weekly Update for the period 29 April to 3 May 2019. In this edition, the FCA launches the FSR Partners Phoenixing Group, a call for input on the scope of the FCA's review of the RDR and FAMR is announced, ESMA and EIOPA submit technical advice to the EU Commission on sustainable finance, and more...

FSR Weekly Update 26 April 2019

FSR Weekly Update for the period 23 April to 26 April 2019. In this edition, the FCA publishes its Approach documents on Enforcement and Supervision, the Independent Evaluation Office reports its assessment of the Bank of England's approach to concurrent stress testing, EIOPA reports on its 2018 supervisory activities, and more...

FSR Weekly Update 18 April 2019

FSR Weekly Update for the period 15 April to 18 April 2019. In this edition, the FCA sends a letter regarding wholesale market broking firms, the Bank of England and the PRA publish an EU Exit policy statement, EIOPA hosts its fourth InsurTech roundtable, and more...

FSR Weekly Update 12 April 2019

FSR Weekly Update for the period 8 April to 12 April 2019. In this edition, the FCA extends the TPR notifications window, the FCA's Thematic Review of the GI value chain report is released with accompanying consultation and "Dear CEO" letter, EIOPA calls for consistent application of the proportionality principle for the supervision of SCR, and more...

FSR Weekly Update 5 April 2019

FSR Weekly Update for the period 1 April to 5 April 2019. In this edition, the Department for Digital, Culture, Media & Sport (DCMS) reports on extending the Dormant Assets Scheme, the FCA's Markets and Wholesale Policy Director delivers a speech on effective stewardship, and the EU Commission announces the launch of a feasibility study on a possible common EU regulatory approach for crypto-assets, and more...

FSR Weekly Update 29 March 2019

FSR Weekly Update for the period 25 March to 29 March 2019. In this edition, the FCA publishes a package of final instruments and guidance for a no-deal EU withdrawal, the FCA and PRA publish amended directions for the Temporary Permissions Regime, the US SEC and FCA sign supervisory cooperation MoUs, and more...

FSR Weekly Update 22 March 2019

FSR Weekly Update for the period 18 March to 22 March 2019. In this edition, the FCA and ESMA issue statements on the MiFID transparency regime, the FCA issues Primary Market Bulletin 22, EMMI consults on the transition from EONIA, and more...

FSR Weekly Update 15 March 2019

FSR Weekly Update for the period 11 March to 15 March 2019. In this edition, the FCA makes a statement on the operation of the MiFID transparency regime post-Brexit, the PRA sets out final policy on credit risk mitigation, the EU Commission and US CFTC issue a statement on EMIR 2.2, and more...

FSR Weekly Update 8 March 2019

FSR Weekly Update for the period 4 March to 8 March 2019. In this edition, the FCA issued final rules on the new Directory and Guidance on Statements of Responsibilities and Responsibilities Maps, the FCA has released industry insights on cyber security, the Access to Cash Review published its final report, and more....

FSR Weekly Update 1 March 2019

FSR Weekly Update for the period 25 February to 1 March 2019. In this edition, the FCA, PRA and Bank published additional materials relevant for the UK exit from the EU, the FCA published its findings on disclosure of costs by asset managers, and more...

FSR Weekly Update 22 February 2019

FSR Weekly Update for the period 18 February to 22 February 2019. In this edition, the FCA issued its first decision under its competition enforcement powers, FCA's Director of Supervision for Investment, Wholesale and Specialist Firms spoke on the transition from LIBOR, ESMA set out its 2019 supervision work programme, and more...

FSR Weekly Update 15 February 2019

FSR Weekly Update for the period 11 February to 15 February 2019. In this edition, the FCA's Director of Market Oversight delivers a key speech on MAR implementation, the EU Data Protection Board gives its view on the transfer of personal data between EEA and non-EEA financial supervisors, and more...

FSR Weekly Update 8 February 2019

FSR Weekly Update for the period 4 February - 8 February 2019. In this edition, the FCA publishes research on passive investing and equity market performance, the FCA advises that it will communicate its next steps on introducing a duty of care in Spring 2019, the Bank of England agrees Memoranda of Understanding with the European Supervisory Authorities, and more...

FSR Weekly Update 1 February 2019

FSR Weekly Update for the period 28 January - 1 February 2019. In this edition, the FCA agrees MoUs with ESMA and EU regulators, the JMLSG publishes its 2019 workplan, ESMA issues a statement on derivatives reporting under EMIR, and more...

FSR Weekly Update 25 January 2019

FSR Weekly Update for the period 21 January 2019 - 25 January 2019. In this edition, the UK and Switzerland sign an insurance deal, the Treasury Committee announces a new inquiry on the future of financial services post EU exit, ECON voices concerns about the preparation of the SCR review, and more...

FSR Weekly Update 18 January 2019

FSR Weekly Update for the period 14 January 2019 - 18 January 2018. In this edition, the PRA's CEO speaks about its competition objective, the FCA responds to the Complaints Commissioner on interest rate hedging products, EIOPA issues a call for evidence on sustainability under Solvency II, and more...

FSR Weekly Update 11 January 2019

FSR Weekly Update for the period 7 January 2019 - 11 January 2019. In this edition, the FCA publishes its Sector Views, the Brexit temporary permissions regime notification window opens, and more...

FSR Weekly Update 4 January 2019

FSR Weekly Update for the period 24 December 2018 - 4 January 2019. In this first edition of 2019, the FCA opens the temporary permissions registration for claims management companies, ESMA updates its MiFID II/MiFIR Q&As, and more...

2018

FSR Weekly Update 21 December 2018

FSR Weekly Update for the period 17 - 21 December 2018. In this final issue for 2018, the Government and FCA respond to the Treasury Committee's Crypto-Assets Report; the UK and US sign the bilateral agreement on prudential measures in (re)insurance, the EU Commission issues a communication on preparations for a no-deal Brexit, and more... The FSR Weekly Update will return on 4 January 2019.

FSR Weekly Update 14 December 2018

FSR Weekly update for the period 10 - 14 December 2018. In this issue, the FCA has published updated information on Brexit preparations and the Home Office provides an update on the first year of it's Anti-Corruption Strategy for 2017 - 2022.

FSR Weekly Update 7 December 2018

FSR Weekly update for the period 3 - 7 December 2018. In this issue, HM Treasury published various draft statutory instruments relating to Brexit and the SFO ended the UK's first ever Deferred Prosecution Agreement.

FSR Weekly Update 30 November 2018

FSR Weekly update for the period 26 - 30 November 2018. In this issue, HM Treasury published various draft statutory instruments relating to Brexit, and the FCA published its Final Approach to Authorisation.

FSR Weekly Update 23 November 2018

FSR Weekly Update for the period 19 -23 November 2018. In this issue, we discuss the Brexit Draft Political Declaration and the House of Commons Treasury Committee launched an inquiry into IT failures in the financial services sector.

FSR Weekly Update 16 November 2018

FSR Weekly Update for the period 12 - 16 November 2018. In this issue, the UK Government published the draft Brexit Withdrawal Agreement and the FCA published findings from its review of how wholesale and retail banks have implemented whistleblowing rules.

FSR Weekly Update 9 November 2018

FSR Weekly Update for the period 5 - 9 November 2018. In this issue, the FCA published a speech providing an update on Brexit and the PRA imposed a financial penalty for failure to disclose information.

FSR Weekly Update 2 November 2018

FSR Weekly Update for the period 29 October - 2 November 2018. In this issue the FCA launched a market study into general insurance pricing strategies and the PRA published a summary on ring-fencing reporting requirements.

FSR Weekly Update 26 October 2018

FSR Weekly Update for the period 22 - 26 October 2018. In this issue, the FCA published a progress report on PPI complaints and the impending deadline and the Bank of England announced its approach to financial services legislation under the European Withdrawal Act 2018.

FSR Weekly Update 19 October 2018

FSR Weekly Update for the period 15 - 19 October 2018. In this issue, the FCA launched its Green FinTech Challenge and the House of Commons Exiting the European Union Committee published a letter on the impact of Brexit on existing contracts.

FSR Weekly Update 12 October 2018

FSR Weekly Update for the period 8 - 12 October 2018. In this issue, the FCA published guidance for consultation on the Senior Managers Certification Regime and various statutory instruments relating to Brexit were published.

FSR Weekly Update 5 October 2018

FSR Weekly Update for the period 1 - 5 October 2018. In this issue, the FCA fines a bank £16.4 million for cybersecurity failures. The FCA has also published its thematic review of money laundering and terrorist financing risks in the electronic money sector.

FSR Weekly Update 28 September 2018

FSR Weekly Update for the period 24 - 28 September 2018. In this issue, the authorised push payment (APP) Scams Steering Group has published for consultation its draft contingent reimbursement code and the PRA has published a report on the impact of climate change on the UK banking sector.

FSR Weekly Update 21 September 2018

FSR Weekly Update for the period 17 - 21 September 2018. In this issue, the FCA published a consultation paper on how it proposes to apply the Senior Managers Certification Regime (SMCR) to claims management companies. Additionally, the Information Commissioner's Office (ICO) issued Equifax Ltd with a £500,000 fine for failing to protect the personal information of up to 15 million UK citizens.

FSR Weekly Update 14 September 2018

FSR Weekly Update for the period 10 - 14 September 2018. In this issue, the FCA published a statement on its Annual Public Meeting and the DCMS published guidance on data protection in the event of a no-deal scenario.

FSR Weekly Update 7 September 2018

FSR Weekly Update for the period 3 - 7 September 2018. In this issue,  the FCA sentenced five individuals in a £2.8 million investment fraud case, and the House of Commons published a letter from Dominic Raab, Secretary of State for Exiting the European Union, on the future of financial derivatives in the event of a 'no deal' scenario.

FSR Weekly Update 31 August 2018

FSR Weekly Update for the period 28 - 31 August 2018. In this issue, the PRA updates its supervisory statement (SS19/13) on resolution planning information with reference the European Banking Authority's Regulatory Technical Standards on Simplified Obligations which comes into force later in 2018.

FSR Weekly Update 24 August 2018

FSR Weekly Update for the period 20 - 24 August 2018. In this issue, HM Treasury sets out the UK government's preparations for a no deal scenario and provides guidance for banking, insurance and other financial services firms and the FCA issues consultation paper: Claims management companies: recovering the costs of FCA regulation and the Financial Ombudsman Service.

FSR Weekly Update 17 August 2018

FSR Weekly Update for the period 13 - 17 August 2018. In this issue, the BoE publishes a call for interest to explore the demand for introducing synchronised settlement to the renewed Real-Time Gross Settlement service and the FCA publishes the findings from its review of how non-deposit taking mortgage lenders and mortgage third-party administrators handle complaints.

FSR Weekly Update 10 August 2018

FSR Weekly Update for the period 6 - 10 August 2018. In this issue, the FCA announces the creation of the Global Financial Innovation Network and he Upper Tribunal finds the FCA acted unlawfully in the exercise of its powers under s 28A FSMA in the decision of Plaxedes Chickombe and 44 others v The FCA.

FSR Weekly Update 3 August 2018

FSR Weekly Update for the period 30 July - 3 August 2018. In this issue, the FCA updates its advice on preparing for Brexit and publishes a discussion paper on the review of the retained provisions of the Consumer Credit Act 1974.

FSR Weekly Update 27 July 2018

FSR Weekly Update for the period 23 - 26 July 2018. In this issue, ESMA consults on MiFID II RTS 11, Prospectus Regulation, and minimum information content for prospectus exemption; ECON reports on competition issues in FinTech, and; the UK Government issues White paper on the future relationship between the UK and the EU.

FSR Weekly Update 20 July 2018

FSR Weekly Update for the period 16 - 20 July 2018. In this issue, the FCA publishes its Approach to Consumers document outlining the measures it will take to protect consumers and its Annual Report and Accounts looking back on the key pieces of work undertaken by the organisation throughout 2017/18.

FSR Weekly Update 13 July 2018

FSR Weekly Update for the period 9 - 13 July 2018. In this issue, the PRA publishes policy statements relating to Solvency II and the SFO has announces the conviction of two former senior bankers for manipulating the Euro Interbank Offered Rate.

FSR Weekly Update 6 July 2018

FSR Weekly Update for the period 2 - 6 July 2018. In this issue, the PRA publishes policy statement PS16/18 setting out changes to insurance reporting requirements; the FCA announces the extension of the Senior Managers & Certification Regime to almost all regulated firms, including all solo-regulated firms, insurers and re-insurers, and the FCA publishes a consultation paper and guidance on Regular Premium PPI Complaints and Recurring Non-disclosure of Commission.

FSR Weekly Update 29 June 2018

FSR Weekly Update for the period 25 - 29 June 2018. In this issue, the FCA publishes its final report on the Retirement Outcomes Review Market Study and its strategic review of retail banking business models.

FSR Weekly Update 22 June 2018

FSR Weekly Update for the period 18 - 22 June 2018. In this issue, the FCA publishes a statement on the EBA's Opinion and draft guidelines on the RTS on Strong Customer Authentication and Common and Secure Communication and Chancellor of the Exchequer, Mr Hammond discusses his model for a stable and efficient future financial services relationship between the UK and EU.

FSR Weekly Update 15 June 2018

FSR Weekly Update for the period 11 - 15 June 2018. In this issue, the PRA publishes policy statement (PS11/18) setting out feedback to its consultation (CP1/18), "Resolution planning: MREL Reporting" and the FCA's Director of Enforcement and Market Oversight discusses the FCA's mission and its approach to enforcement and supervision.

FSR Weekly Update 8 June 2018

FSR Weekly Update for the period 4 - 8 June 2018. In this issue, the FCA publishes the finalised rules for a new premium listing category open to sovereign controlled companies; the BoE consults on 'ISO 20022 Consultation Paper: A Global Standard to Modernise UK Payments', and the FCA consults on how it proposes to regulate claims management companies once it assumes responsibility for regulating the sector in April 2019.