Financial Regulation Weekly Bulletin - 10 June 2021

Click on the headings below to access each section:

General

• Taxonomy Climate Delegated Act - adopted by the European Commission
• Financial Services Act 2021 (Commencement No. 1) Regulations 2021 published
• Communiqué following G7 meeting – finance ministers and central bank governors discuss climate change and central bank digital currencies
• UK Green Taxonomy – HM Treasury establishes Green Technical Advisory Group
• Climate Biennial Exploratory Scenario 2021 – launched by the Bank of England
• Quarterly Consultation No.32 – FCA publishes consultation paper CP21/16
• Regulatory Decisions Committee and attitude to legal risk – FCA publishes minutes from Board meeting
• Regulatory sandbox – FCA announces successful applicants to seventh cohort
• Social standards and ESG – IRSG publishes report on global progress
• Climate risk assessments – NGFS publishes revised set of climate scenarios and dedicated website
• Climate-related metrics, financial impacts, targets and transition plans – TCFD publishes consultation

Banking and Finance

• COVID-19 and cryptoassets consultation – BCBS discusses initiatives at meeting
• Prudential treatment of cryptoasset exposures – BCBS publishes consultation
• Transposition of BRRD II and CRD V – European Commission announces infringement proceedings
• Assignments of claims – Council of the EU approves compromise text of EU regulation
• Proposed Non-Performing Loans Directive – political agreement reached on proposed Directive on credit servicers and credit purchasers
• CRD IV – Delegated Regulation on RTS on criteria to identify material risk takers for CRD IV remuneration purposes published in OJ
• CRR – Delegated Regulation with RTS relating to economic downturn published in OJ
• CRR – Delegated Regulation with RTS on standardised approach for counterparty credit risk published in OJ
• External Credit Assessment Institutions under CRR and Solvency II – ESAs publish amended technical standards
• Crowdfunding Regulation – EBA consults on RTS on Individual Portfolio Management of loans
• Risk indicators and detailed risk analysis tools – EBA updates methodological guide
• Supervisory reporting – EBA makes recommendations for reducing costs
• CRD IV and the threshold for reclassification of investment firms as credit institutions – EBA consults on draft RTS
• PSD2 – EBA publishes final report and revised guidelines on major incident reporting
• Regulation and Directive on digital operational resilience – ECB publishes Opinion
• Central bank work on climate change – Bank of England publishes speech delivered by Andrew Bailey
• New forms of digital money – Bank of England publishes discussion paper
• Approach to overseas internal ratings based models for credit risk – PRA publishes Policy Statement (PS13/21)
• Five year strategy – PSR publishes consultation paper
• GBP Loans and GBP Loan Market Q&A – Sterling Working Group updates best practice guide
• Access to Banking Standard Review – Lending Standards Board publishes consultation paper
• Bankia SA v Unión Mutua Asistencial de Seguros (UMAS), Judgment of the Court (Fourth Chamber)

Securities and Markets

• Capital Markets Union – European Commission publishes toolkit of indicators for monitoring progress
• CCPs – ESMA launches fourth EU-wide stress test

Insurance

• Holistic framework baseline assessment – IAIS publishes results
• PEPP Regulation – EIOPA publishes guidelines on supervisory reporting
• PEPP Regulation – Delegated and Implementing Regulations on supervisory reporting and product intervention published
• MoneyHelper – Money and Pensions Service releases Beta version of consumer website

Financial Crime

• Proceeds of Crime Act 2002 (References to Financial Investigators) (England, Wales and Northern Ireland) Order 2021
• Corporate criminal liability – Law Commission publishes discussion paper
• Prosecuting “failure to disclose” offences – CPS updates guidance