Financial Regulation Weekly Bulletin - 20 May 2021

Click on the headings below to access each section.

General

• Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 published
• Net Zero economy – Bank of England publishes speech considering steps for UK financial services firms
• New consumer duty – FCA publishes consultation paper
• Preventing claims management phoenixing – FCA publishes consultation paper
• Legacy outsourcing arrangements – FCA clarifies its expectations regarding firms’ obligations
• Firms changing legal status – FCA updates webpage setting out improved process
• Strong Customer Authentication – FCA publishes statement on deadline extension

Banking and Finance

• Supervisory data collection – European Commission publishes roadmap
• Securitisation regulation – The European Supervisory Authorities publish report
• CRD IV – European Banking Authority publishes report on member states’ reliance on external credit ratings
• Securitisation Regulation – European Central Bank announces it will start supervising credit institutions’ compliance
• Single supervisory mechanism – European Central Bank adopts amendments on reporting of supervisory financial information
• Crisis management and deposit insurance framework – Single Resolution Board publishes blueprint
• Capital internal models – PRA publishes statement on supervisory benchmarking exercise
• FSCS protection – FCA publishes Dear CEO letter to e-money firms
• Financial Services Culture Board – Banking Standards Board extends membership scope

Securities and Markets

• Derivatives regulation – International Organization of Securities Commissions publishes speech
• Short Selling Regulation – ESMA publishes opinion recommending permanent lowering of reporting threshold for net short positions
• European Securities and Markets Authority – Natasha Cazenave appointed as Executive Director
• UK Securities Financing Transaction Regulation – Trade associations publish information statement
• Sustainable finance taxonomies – International Capital Markets Association publishes overview and recommendations
• LIBOR – Working Group on Sterling Risk-Free Reference Rates recommends successor rate
• Benchmarks Regulation – FCA publishes consultation paper on use of new powers to support wind down of critical benchmarks
• Benchmark transition – ICE Benchmark Administration launches GBP SONIA spread-adjusted ICE Swap Rate ‘beta’ settings

Insurance

• Pension scams – Department for Work and Pensions publishes consultation paper on empowering trustees and protecting members
• Insolvency arrangements for insurers under FSMA – HMT publishes consultation paper
• Pensions consumer journey – FCA and Pensions Regulator publish joint call for input

Financial Crime

• AML and CFT action plan – European Commission publishes speech
• Combating money laundering and terrorist financing – IAIS publishes revised application paper
• Financial crime – FCA publishes speech on rise in scams and their threat to a legitimate financial services industry

Enforcement

• Fraudulent trading and carrying on regulated activities without authorisation – FCA commences criminal proceedings
• Complaint against the PRA – Complaints Commissioner recommends PRA consider ex-gratia payments scale for complaint delays
• Monetary penalty notice – ICO fine for sending marketing emails without valid consent