Financial Regulation Weekly Bulletin - 23 September 2021

Click on the headings below to access each section:

General

• Recommendations for the future framework for financial services regulation – Responses from HM Treasury, FCA and Bank of England published
• Football index – DCMS publishes review of regulation
• Future work – PRA publishes speech by Sam Woods
• Challenges and priorities – FCA publishes speech

Beyond Brexit

• Brexit SI – Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 published

Banking and Finance

• Cyber security and climate-related financial risks – Basel Committee publishes press release and newsletter
• BRRD – Delegated Regulation on RTS for contractual recognition of write down and conversion powers published in OJ
• EU banking and payments sector – EBA publishes report on use of digital platforms
• EU banking macro-prudential framework – European Commission issues call for advice
• Economy-wide climate stress test results – ECB publishes Occasional Paper
• Capital Requirements Regulation (Amendment) Regulations 2021 published
• Stanford International Bank Ltd v HSBC Bank plc [2021] EWCA Civ 535

Securities and Markets

• Sustainable investment in the EU – ECA publishes report calling for more consistent action
• LIBOR transition – AFME publishes speech delivered by FCA specialist
• Critical OTC derivatives data elements – LEI ROC updates technical guidance on harmonisation
• Mr A. v Autorité des Marches Financiers (Financial Markets Authority, France) (Case C-302/20) (16 September 2021)
• R (Chadwin and others) v Financial services Compensation Scheme Ltd [2021] EWHC 2523 (Admin) (20 September 2021)

Asset Management

• Retail investors’ challenges - Speech on investment funds’ costs, distribution of retail investment products and ESG disclosures delivered by ESMA Executive Director
• ESG and sustainable investment funds – Investment Association publishes guidance on FCA guiding principles

Insurance

• Solvency II review package – European Commission proposes insurance reforms, including recovery and resolution framework
• Amendments to Solvency II – European Commission adopts legislative proposal
• Recovery and resolution of insurers – European Commission adopts legislative proposal for Directive
• Solvency II Review – PRA publishes speech on balancing objectives

Financial Crime

• Economy Crime Levy – HM Treasury publishes consultation response and draft legislation