Financial Regulation Weekly Bulletin - 21 March 2024

Click on the headings below to access each section:

General

• Digitalisation of critical shared services - FSB updates guidance on operational continuity
• DPM Alliance - EBA, ECB and EIOPA publish MoU
• CSDDD - New compromise text published by Council of EU
• Designation of critical third parties - HM Treasury publishes its approach
• Regulators’ exchange of competition and consumer protection related information - DBT launches consultation
• Website launch - New PRA Rulebook website
• Treatment of customers in vulnerable circumstances - FCA announces review
• Business Plan 2024/25 - published by the FCA
• Insolvency practitioners’ approach to regulated firms - FCA consults on amended guidance (GC24/1)
• Approach to supervision, consumers, competition and international firms - FCA updates materials
• Debt collection best practices - FCA and other regulators publish expectations

Banking and Finance

• CRR - European Commission adopts ITS on IRRBB reporting requirements
• Regulation on instant credit transfers in euro - Revised text published
• CMDI framework reforms - ECON votes to adopt proposals
• Joint Bank Reporting Committee - established by ECB and EBA
• Consumer lending - FCA publishes portfolio letter setting out risks
• Kumar and others v LSC Finance Ltd, [2024] EWCA Civ 254

Securities and Markets

• Wholesale energy markets - Council of the EU adopts Regulation protecting against manipulation
• BMR - ECON publishes report on proposed amendments
• Shortening the settlement cycle - ESMA publishes feedback statement to call for evidence
• MiFIR market data access and transparency - ESMA to clarify incoming rule changes

Asset Management

• AIFMD II - Council publishes revised text
• PRIIPs and retail investment protection - ECON votes to adopt proposals
• Severe but plausible scenarios in the context of operational resilience - IA publishes guidance

Insurance

• Retirement income advice - FCA publishes thematic review and Dear CEO letter

Financial Crime

• Countering terrorist financing - Statement published by Wolfsberg Group

Enforcement

• Cum-ex trading scheme - FCA publishes Decision Notice