01 Sep 2023

Financial Regulation Weekly Bulletin - 31 August 2023

Includes developments in relation to: FSMA 2023; access to cash; CSDR; UK MiFIR; UK MiFID; IFD; Solvency II; APP fraud; MLD4; cryptoassets; and the Travel Rule.

Click on the headings below to access each section:


  • FSMA 2023 - Explanatory notes published
  • FSMA 2023 - Wider Implications Framework - FCA publishes updated Terms of Reference
  • Concurrency arrangements - CMA publishes Call for Inputs

Beyond Brexit

  • Gibraltar Authorisation Regime - Financial Services Act 2021 (Commencement No 5) Regulations 2023 published

Banking and Finance

  • Significant risk concentrations and intragroup transactions - ECB consults on draft guide
  • FSMA 2023 - Financial promotions, capital requirements and change of control - Statutory instrument published
  • FSMA 2023 - Payment card interchange fees and payment services - HM Treasury publishes corrected statutory instrument
  • FSMA 2023 - HM Treasury publishes statutory Instrument to correct error
  • Wholesale cash distribution - Bank of England publishes statement of policy and consultation response
  • Interest-only mortgages - FCA publishes research note
  • Politically exposed persons - FCA publishes letter requesting information
  • FSMA 2023 - Access to cash - HM Treasury and FCA announce approaches
  • Re AS LHV Pank (UK Branch) and another

Securities and Markets

  • CSDR - Commission Delegated Regulation concerning penalty mechanism for settlement fails relating to cleared transactions submitted by CCPs published in OJEU
  • FSMA 2023 - UK MiFIR and share trading obligation - FCA publishes direction
  • FSMA 2023 - UK MiFIR, UK EMIR and derivatives trading obligation - FCA publishes direction
  • FSMA 2023 - UK MiFID and UK MiFIR - FCA publishes updated Statements of Policy
  • Wholesale Data Market Review - FCA publishes update report
  • Non-default losses - CPMI and IOSCO publish report on current central counterparty practices

Asset Management

  • Money market fund reforms - FSB publishes terms of reference and requests feedback for thematic peer review
  • IFD - Commission Delegated Regulation on specific liquidity measurement published in OJEU
  • IFD - Commission Delegated Regulation on risk measurement for investment firms published in OJEU
  • Vulnerable customers and pension transfers - FCA publishes webpage


  • Solvency II - Commission Implementing Regulation on reporting under Solvency II published in OJEU

Financial Crime

  • MLD4 - Commission Delegated Regulation amending the list of high-risk third countries adopted
  • Breaches of financial sanctions - OFSI publishes updated guidance on enforcement and monetary penalties
  • Cryptoasset businesses and the Travel Rule - FCA publishes statement
  • APP fraud - PSR launches two consultation papers on reimbursement requirement
  • Cryptoasset transfers and the Travel Rule - JMLSG publishes revised guidance


  • Market abuse - Ofgem publishes Final Notice and fines firm


This material is provided for general information only. It does not constitute legal or other professional advice.

Contact Information
Selmin Hakki
PSL Counsel at Slaughter and May