Financial Regulation Weekly Bulletin - 4 March 2021

Click on the headings below to access each section:

General

• Priorities as European Commissioner – Mairead McGuinness delivers speech
• UK Fintech – HM Treasury publishes Kalifa review
• FPC – Treasury sets out remit, recommendations and priorities for 2021/22
• Pre-paid funeral plans - FCA publishes Consultation Paper CP21/4

Beyond Brexit

• Financial services post-Brexit – Treasury Committee publishes FCA written evidence
• Temporary permissions regime – FCA publishes new webpages

Banking and Finance

• CRR – European Commission adopts Commission Delegated Regulation in relation to economic downturn
• CRR - European Commission adopts Commission Delegated Regulation in relation to counterparty credit risk
• CRR II – OJ publishes corrigendum to CRR II
• CRR – EBA publishes a consultation regarding draft implementing ITS on disclosure of ESG risks
• EU Taxonomy Regulation – EBA publishes Opinion and report on Article 8
• Banking Union - SRB publishes resolution dossier for FMI services
• Breathing Space Regulations – FCA publishes Policy Statement PS21/1
• Contactless payments – FCA publishes policy statement on amendments to single and cumulative transaction thresholds
• Authorised push payment scams - LSB publishes CRM Code review roadmap
• LIBOR transition – UK Working Group publishes Best Practice Guide for GBP loans market
• Leeds City Council and others v Barclays Bank plc and another [2021] EWHC 363 (Comm), 26 February 2021

Securities and Markets

• Work Programme – IOSCO publishes 2021-2022 Work Programme
• MiFID II and CRD V – OJ publishes Directive amending MiFID II Directive
• Sustainable Finance Disclosure Regulation – Joint Committee of ESAs publishes supervisory statement
• Crowdfunding Regulation – ESMA consults on draft technical standards
• EU Taxonomy Regulation – ESMA publishes final report on Article 8
• Securitisation reporting – ESMA updates Q&As, templates and technical instructions
• MiFID II - Annual transparency calculations – ESMA publishes results
• EU Transparency Directive – ESMA proposes improvements after the Wirecard case
• Prospectus Regulation – ESMA publishes guidelines on disclosure requirements
• Listing Rules – review published by HM Treasury
• UK MiFIR – FCA updates statement on operation of double volume cap mechanism

Asset Management

• Product Governance Review – FCA publishes report on its review of product governance in asset management firms

Insurance                                                       

• Solvency II – EEA Joint Committee Decision 192/2018 published in the OJ
• EU Taxonomy Regulation - EIOPA publishes report on Article 8
• Solvency II - non-life underwriting risk – EIOPA launches study
• EIOPA co-operation with Japan’s FSA - EIOPA and the FSA exchange letters
• COVID-19 – FCA publishes final guidance on business interruption insurance claims
• RPI changes – FCA publishes statement on defined benefit pension transfer redress

Financial Crime

• FATF Plenary – FATF publishes outcomes of plenary session
• AML/CTF supervision – FATF publishes guidance on applying a risk-based approach
• Proliferation financing – FATF publishes draft guidance on risk assessment and mitigation
• MLD4 – EBA publishes final report on AML and CTF guidelines
• AML and CTF – EBA publishes Opinion on risks affecting the EU’s financial sector
• Covert Human Intelligence Sources (Criminal Conduct) Act 2021 – received Royal Assent

Enforcement

• SSM Regulation – ECB publishes guide on setting administrative pecuniary penalties
• Market abuse – FCA fines and bans former trader
• R (T and another) v Financial Conduct Authority [2021] EWHC 396 (Admin), 24 February 2021