Financial Regulation Weekly Bulletin - 27 March 2024

Click on the headings below to access each section:

General

• MiCA - Draft technical standards and guidelines published
• Financial stability - FPC publishes record of meeting and outlines approach to operational resilience
• Approach to appointment of statutory panel members - FCA publishes statement of policy
• Financial promotions on social media - FCA publishes finalised guidance

Beyond Brexit

• Smarter Regulatory Framework - HM Treasury publishes policy paper on next phase

Banking and Finance

• MREL reforms - Council of the EU adopts proposed Directive
• Specific direction 12 and maintenance of free-to-use ATMs - PSR calls for views
• Farol Holdings Ltd and others v Clydesdale Bank Plc and another, [2024] EWHC 593 (Ch)

Securities and Markets

• MiFIR Amending Regulation transitional provision - European Commission interpretative notice and ESMA guidance published
• EMIR 3 - ESMA publishes guidance on clearing obligation for third-country pension scheme arrangements

Asset Management

• ELTIF Regulation - European Commission announces intention to adopt amended draft RTS
• Using a host model to manage AIFs - FCA publishes findings from review
• Fund tokenisation in UK asset management - report published

Insurance

• Reporting taxonomy - EIOPA launches survey on implementation date
• Pensions dashboard - FCA publishes further Consultation Paper (CP24/4) and DWP publishes guidance on connection
• Claims-handling processes for total-loss claims - FCA publishes multi-firm review findings

Financial Crime

• CCP Graduate School Ltd v National Westminster Bank plc and another, [2024] EWHC 581 (KB)
• Financial sanctions compliance in the UK - OFSI publishes survey
• SARs Portal - NCA updates guidance

Enforcement

• Internal model breaches - ECB imposes fines
• Conflicts of interest failures under CRA Regulation - ESMA issues fine
• Unauthorised investment scheme - FCA charges four individuals