Financial Regulation Weekly Bulletin - 25 April 2024

Click on the headings below to access each section:

General

• Proposed Regulation on ESG rating activities and CSDDD - European Parliament votes to adopt legislation
• Navigating the UK's digital regulation landscape - FCA publishes speech and launches AI and Digital Hub
• Data asymmetry between Big Tech and financial services firms - FCA publishes feedback statement on impact on competition (FS24/1)
• Anti-greenwashing rule and extension of SDR and labelling regime - FCA publishes final guidance (FG24/3) and launches consultation (CP24/8)
• Approach to AI - Bank of England, PRA and FCA respond to government paper

Beyond Brexit

• Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024 published

Banking and Finance

• PSR and PSD3 - European Parliament adopts proposed Regulation and Directive
• CRD VI and CRR III - European Parliament votes to adopt amending Regulation and Directive
• CMDI framework reforms - European Parliament votes to adopt legislative proposals
• Increase in debanking complaints - Treasury Select Committee publishes correspondence
• Financial stability risks posed by private equity - Bank of England publishes speech
• Wholesale cash distribution market oversight - Bank of England finalises codes of practice
• Private equity-related financing activities - PRA publishes Dear CRO letter and speech on thematic review
• ARs undertaking credit broking - FCA highlights good practice and improvement areas
• Open Banking next phase - JROC publishes proposals for design of future entity
• Commercial variable recurring payments model clauses - UK Finance publishes report
• Dexia v Single Resolution Board, (Case T-411/22) EU:T:2024:216

Securities and Markets

• EMIR 3 - European Parliament votes to adopt amending Regulation and Directive
• SME access to capital - European Parliament votes to adopt legislative proposals
• Outcomes of global CCP fire drill - ESMA publishes report
• 2024 CCP supervisory stress test - Key elements published by Bank of England
• Risk management and electronic trading algorithms - FMSB publishes statement of good practice

Insurance

• Solvency II and IRRD - European Parliament adopts proposed Directives
• Prudential treatment of environmental and social risks - ESRB publishes advice to EIOPA
• Restatement of assimilated law following Solvency II review - PRA consults (CP5/24)
• Regulatory developments for bulk purchase annuities sector - PRA publishes speech
• BSPS consumer redress scheme - FCA publishes main decision letter
• Affordability of motor premium finance - ABI publishes principles

Financial Crime

• AML Regulation, MLD 6 and AMLA Regulation - European Parliament and European Commission vote to adopt legislative package

Enforcement

• FCA proposal to publicise enforcement investigations - Financial Services Regulation Committee criticises CP24/2
• Unauthorised investment management activities - FCA commences criminal proceedings against individual