Financial Regulation Weekly Bulletin – 15 February 2024

Click on the headings below to access each section:

General

• EU sustainability reporting standards - Council of the European Union and European Parliament reach provisional agreement on proposal to delay reporting for certain sectors and third-country companies by two years
• Proposed Regulation on ESG rating activities - Final compromise text published by Council of EU
• Claims management companies carrying out unregulated claims - FCA publishes findings from multi-firm review

Banking and Finance

• PSD3 and PSR - ECON votes to adopt draft reports
• Standards of Lending Practice - LSB publishes response to review

Securities and Markets

• Streamlining variation margin in centrally cleared markets - CPMI and IOSCO publish report outlining examples of effective practices
• EMIR 3 - Final compromise texts published by Council of EU
• CCP Recovery and Resolution Regulation - ESMA publishes official translations of guidelines

Asset Management

• Ongoing advice services and the Consumer Duty - FCA requests information

Insurance

• GAP insurance and fair value to customers - FCA announces suspension in sales

Financial Crime

• AML Regulation and MLD6 - Final compromise texts published by Council of EU
• SARs regime - Home Office publishes response to Law Commission review
• Ransomware and sanctions - HM Treasury and OFSI publish guidance
• Trading by organised crime groups - FCA publishes Market Watch No. 77

Enforcement

• Signing off misleading financial promotions - FCA fines and bans LC&F director

• Misleading advertisements and financial promotions - FCA publishes Q4 2023 data alongside 2023 data analysis