Financial Regulation Weekly Bulletin - 29 February 2024

Click on the headings below to access each section:

General

• DORA - European Commission adopts Delegated Regulation specifying the criteria for designation of ICT third-party service providers as critical for financial entities
• Sexism in the City Inquiry - House of Commons Treasury Committee publishes correspondence with the FCA and HM Treasury following oral hearing

Beyond Brexit

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

Banking and Finance

• Basel Core Principles - BCBS approves final revisions
• MREL - European Parliament adopts proposed Directive on MREL reforms to BRRD and SRM
• De-Banking - House of Commons Treasury Committee publishes press release and correspondence regarding levels of SME accounts being closed by major banks

Securities and Markets

• Wholesale Data Market Study - FCA publishes report
• BMR - FCA publishes report on review of use of its Article 23D power for 3-month synthetic sterling LIBOR

Asset Management

• AIFMD and UCITS Directive - Council of EU adopts amending Directive

Insurance                                                        

• Adapting Solvency II to the UK insurance market - The PRA publishes its second policy statement
• Solvency II - PRA publishes policy statement setting out final reporting and disclosure policy (PS3/24)

Financial Crime

• AMLA - Frankfurt to host the EU’s new AML authority
• Russia sanctions regime - House of Commons Treasury Committee publishes Call for Evidence on effectiveness

Enforcement

• Enforcement Guide - FCA consults on a new approach to publicising enforcement investigations