01 Jul 2022

Financial Regulation Weekly Bulletin - 30 June 2022

Includes developments in relation to: greenwashing and sustainable finance policies; prudential treatment of cryptoasset exposures; CRD IV and IFD; UK implementation of Basel III; LIBOR transition; business interruption insurance; and EU AML package

Click on the headings below to access each section:

General

  • Nature-related Risk & Opportunity Management and Disclosure Framework - TNFD publishes consultation
  • Greenwashing and sustainable finance policies - European Commission issues Request for Input to ESAs
  • EU digital finance package - European Parliament updates procedure files on proposed Regulation and Directive on digital operational resilience
  • ESG rating providers - ESMA publishes outcome of Call for Evidence
  • PRA regulated fees and levies - PRA publishes Policy Statement
  • Climate Financial Risk Forum - FCA updates webpage with information new climate scenario analysis narrative tool
  • Regulated fees and levies 2022/23 - FCA publishes Policy Statement (PS22/7)
  • ESG integration in UK capital markets - FCA publishes Feedback Statement (FS22/4) and Primary Market Bulletin No. 41
  • CryptoSprint - FCA publishes outputs
  • 2021/22 complaints data - published by the FOS

Banking and Finance

  • Prudential treatment of cryptoasset exposures - Basel Committee on Banking Supervision publishes consultation paper
  • CRR - Commission Delegated Regulation (EU) 2022/1011 on RTS on indirect exposures to underlying clients of derivatives and credit derivatives contracts published in OJ
  • Benchmarking of internal models - Commission Implementing Regulation (EU) 2022/951 on draft ITS published in OJ
  • Mortgage Credit Directive - EBA publishes reply to European Commission’s Call for Advice on review
  • CRD IV and IFD - EBA publishes revised Guidelines on the data collection exercise regarding high earners, and revised and new Guidelines on the remuneration and gender pay gap benchmarking exercise
  • G-SIB assessment methodology - ECB publishes statement on treatment of banking union
  • CRD VI - ECB opinion on proposed Directive published in OJ
  • A strong and simple prudential framework - House of Commons Treasury Sub-Committee on Financial Services Regulations issues Call for Evidence
  • The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 - Statutory instrument and explanatory memorandum published
  • UK implementation of Basel III - PRA clarifies intended timetable
  • Review of the use of the SIMM model - PRA publishes conclusions
  • Supervision of mainstream consumer credit lenders - FCA publishes portfolio letter
  • Supervision of debt advice firms - FCA publishes portfolio letter
  • Supervision of lifetime mortgage providers - FCA publishes portfolio letter
  • Joint Regulatory Oversight Committee - FCA and PSR publish terms of reference
  • Market review of card-acquiring services - PSR publishes Consultation Paper on provisional decision

Securities and Markets

  • Equivalence of China and Israel under EMIR - Two Commission Implementing Decisions published in OJ
  • PRIIPs KID - Commission Delegated Regulation on extension of transitional arrangements published in OJ
  • MiFID II - European Parliament publishes motion for a resolution to object to Delegated Regulation on commodity derivatives
  • MiFID II and MiFIR - ESMA announces it will not publish systematic internaliser regime data for non-equity instruments other than bonds and CTP data
  • Non-UK central counterparties - The Bank of England publishes Policy Statement and Statement of Policy
  • LIBOR transition - FCA publishes Consultation Paper (CP22/11)
  • FICC markets - FMSB publishes statement of good practice on trading platform disclosures

Asset Management

  • EU Investment Firms Regulation - EBA publishes Decision on NCA reporting of supervisory data from investment firms

Insurance

  • Assessing insurer conduct - IAIS publishes report on supervisors’ use of key indicators
  • Business interruption insurance - FCA updates webpage
  • Pre-paid funeral plans - FOS publishes blogpost

Financial Crime

  • AML Authority - Council of the European Union publishes partial position
  • AML/CTF - Crypto asset transfers – Council of the European Union and the European Parliament reach provisional agreement
  • EU AML package - Provisional agreement reached on new rules to stop illicit flows of cryptoassets
  • AML/CFT - HM Treasury publishes policy paper on review of regulatory and supervisory regime
Contact Information
Selmin Hakki
Senior PSL at Slaughter and May