Financial Regulation Weekly Bulletin – 4 January 2024

Click on the headings below to access each section:

General

• Managing climate-related financial stability risks - ECB and ESRB publish joint report
• Cyberattack resilience - ECB announces stress test
• EU Taxonomy - European Commission publishes adopted guidance
• CSDDD - Provisional political agreement reached, including on financial sector inclusion
• Transition Finance Market Review - Announced by HM Treasury and the Department for Energy Security and Net Zero
• 2023 CBEST - Bank of England, FCA and PRA publish thematic findings
• The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (No. 2) Order 2023

Beyond Brexit

• The Retained EU Law (Revocation and Reform) Act 2023 (Commencement No. 1) Regulations 2023
• Mutual recognition in financial services - HM Treasury announces agreement between UK and Switzerland
• BMR - ESMA updates its statement on the impact of Brexit

Banking and Finance

• CRR III and CRD VI - EBA publishes roadmap, consultations and discussion paper
• SSM - ECB updates its methodology for SREP
• Approach to resolution - publication updated by the Bank of England
• Open Banking Update - Joint Regulatory Oversight Committee outlines actions enabling the next phase of progress

Securities and Markets

• ESG rating activities - Council of the European Union agrees negotiating mandate on proposed Regulation
• EMIR - ESMA publishes final report on its guidelines on position calculation under EMIR Refit
• The Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023
• The Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023
• FMI requirements powers - Bank of England launches consultation on approach to statutory notice decisions
• UK EMIR margin requirements for non-centrally cleared derivatives - PRA and FCA publish joint Policy Statement (PRA PS18/23 and FCA PS23/19)
• UK listings and other market improvements - FCA consults on new listing regime, transparency for bond and derivative markets and issues policy on consolidated tape
• Notification and disclosure of net short positions - FCA updates webpage
• Article 10 UK MAR, ESG stewardship and sponsor procedures - FCA publishes Primary Market Bulletin 46
• Ancillary activities exemption for commodity derivatives under MiFID II - FCA continues approach

Asset Management

• Diversity under CRD IV and IFD - EBA publishes final report on draft guidelines on benchmarking practices
• Selling client banks - FCA publishes statement

Insurance

• Value for money benchmarks - EIOPA launches consultation
• Non-life underwriting risk in internal models - EIOPA publishes comparative study
• The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2024
• IDD - Policy Statement with final rules published by FCA (PS23/18)

Enforcement

• IRHP further redress judicial review claim - reply to FCA grounds of defence published
• Oversight of Premier FX - Final report and FCA response published
• Upheld complaint - Office of the Complaints Commissioner publishes final report and FCA publishes response