22 Jul 2022

Financial Regulation Weekly Bulletin - 21 July 2022

Includes developments in relation to: artificial intelligence; operational resilience; Financial Services and Markets Bill 2022-23; Prudential and Resolution Policy Index; IDD; and financial crime control failings

Click on the headings below to access each section:

General

  • EU Taxonomy Complementary Climate Delegated Act covering certain nuclear and gas activities - published in OJ
  • Artificial Intelligence - Government publishes National AI strategy
  • Priorities for the financial services sector and scope of Financial Services and Markets Bill 2022-23 - Mansion House speech delivered by the Chancellor
  • Digitisation Taskforce - HM Treasury publishes terms of reference
  • Data Collection Transformation Plan - Bank of England and FCA publish phase one recommendations
  • Operational resilience - PRA and FCA publish joint paper on oversight of critical third parties to the UK financial sector
  • PRA and FSCS - Updated MoU agreed
  • Annual Report, Accounts and Perimeter - Reports published by FCA
  • Reviewing how the financial services regulators consider complaints - Commissioner publishes Annual Report
  • ESG ratings - FMSB publishes spotlight review

Beyond Brexit

  • Financial Services and Markets Bill 2022-23 - Introduced to Parliament
  • Phase II of the Future Regulatory Framework Review - HM Treasury publishes response
  • Annual review of UK financial services - HM Treasury and the City of London Corporation publish first report

Banking and Finance

  • Remuneration and high earners - EBA publishes report on benchmarking and data
  • The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022 - Statutory instrument and explanatory memorandum published
  • Payments Regulation and the Systemic Perimeter - HM Treasury publishes consultation
  • Unvested pay, material risk takers and public appointments - PRA publishes Consultation Paper (CP8/22)
  • Prudential and Resolution Policy Index - launched by the PRA
  • Risks and challenges for investment banks - PRA publishes speech
  • Digital Payments Initiative - PSR publishes response to PSR Panel report

Securities and Markets

  • CRA Regulation - ESMA publishes final report on Guidelines and Recommendations on scope
  • MiFID II/MiFIR - ESMA updates Q&As on market structures and transparency
  • CCP supervision - ESMA publishes annual peer review report
  • SFTR and MiFIR - ESMA updates Q&As on data reporting
  • UCITS Directive and AIFMD - ESMA updates Q&As on application
  • Future Regulatory Framework for CCPs and CSDs - HM Treasury responds to consultation

Asset Management

  • Dormant Assets Scheme - DCMS publishes consultation on funding
  • The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022 - Statutory instrument and explanatory memorandum published

Insurance

  • Peer review on outsourcing - EIOPA publishes report
  • IDD - EIOPA publishes guidance and feedback statement on integration of sustainability preferences
  • Pensions dashboards - Policies underpinning draft Regulations, standards and guidance published

Financial Crime

  • Data protection, technology and private sector information sharing - FATF publishes report

Enforcement

  • Financial crime control failings - FCA publishes Final Notice
Contact Information
Selmin Hakki
Senior PSL at Slaughter and May