Financial Regulation Weekly Bulletin - 21 October 2021

Click on the headings below to access each section:

General

• COVID-19 and FSB 2022 priorities – speech by FSB Chair
• Cyber incident reporting – FSB publishes report
• EC work programme – European Commission publishes its 2022 work programme alongside annexes and factsheets
• Supervisory independence – ESAs publish reports
• Financial Services Act 2021 (Commencement No. 1) (Amendment) (Savings Provision) Regulations 2021 published
• Financial Services Act 2021 (Commencement No. 3) Regulations 2021 published
• Greening the financial system - HM Treasury publishes policy paper
• FCA Chair – FCA publishes announcement
• Regulatory perimeter – FCA publishes 2020/21 report
• Climate-related risks - NGFS publishes progress report
• Climate Financial Risk Forum – CFRF publishes second set of guides on climate-related financial risks

Banking and Finance

• CRR - Use of IRB approach – European Commission adopts Delegated Regulation containing RTS on competent authorities’ assessment methodology
• Non-performing loan management - European Parliament adopts text of proposed Directive
• Benchmark rate transition risks – EBA publishes thematic note
• Economy-wide climate stress test – ECB publishes letter to CEOs of significant institutions
• Banking supervision – ESG-related requirements - ECB publishes speech
• Buy now pay later products – HM Treasury publishes Consultation Paper
• Non-performing exposures – PRA publishes Policy Statement
• Credit unions – PRA updates webpage and publishes letters on annual assessment
• Credit risk – PRA publishes final policy on identifying economic downturns for IRB models (PS23/21)
• LIBOR transition – FCA publishes new webpage on UK BMR
• APP Scams – Confirmation of Payee - PSR publishes Response Paper
• Responsible Banking Principles – UNEP FI publishes report on PRB implementation

Securities and Markets

• MiFID II – Delegated Regulation on ancillary activities published in OJ
• ESMA Chair – ESMA announces appointment
• UK central counterparties – Bank of England launches first public supervisory stress test framework
• Financial market infrastructure supervision – Bank of England publishes Policy Statement on fees regime
• LIBOR transition - FCA publishes Policy Statement on derivatives trading obligation (PS21/13)

Asset Management

• UCITS and PRIIPs – Draft reports on use of key information documents under PRIIPs Regulation and UCITS Directive
• PRIIPs – ESAs publish call for evidence
• IFR – Investment policy disclosure – EBA publishes final report on RTS
• PRIIPs Regulation – HM Treasury publishes Regulations

Insurance

• Cyber risk in the industry insurance – EIOPA publishes article

Enforcement

• Anti-money laundering - Treasury Committee publishes letter to FCA on NatWest plc prosecution
• Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act 2021
• Financial crime due diligence failings – FCA publishes final notice on Credit Suisse