Financial Regulation Weekly Bulletin - 5 April 2023

General

• Pro-innovation approach to AI regulation - UK Government publishes White Paper and consultation
• Whistleblowing framework - DBT launches review
• FSCS management expenses levy limit - PRA publishes Policy Statement (PS3/23)
• FCA Business Plan 2023/24 - FCA sets out priorities and information on delivering its Strategy
• Business specific complaints data - FOS publishes Feedback Statement on temporary changes to outcome reporting
• New Chair - DRCF appointments new Chair

Banking and Finance

• Basel framework - BCBS publishes proposed technical amendments
• Oversight of cryptoasset activities - ECB publishes blog post
• Depositor protection reforms - PRA publishes Policy Statement (PS2/23)
• Prudential liquidity framework - Bank of England and PRA publish joint Feedback Statement (FS1/23) on supporting liquid asset usability
• Annual plan and budget 2023/24 - published by PSR

Securities and Markets

• Emerging retail market conduct - IOSCO publishes final report
• Work Programme - IOSCO publishes 2023-2024 Work Programme
• Derivative trading obligation - ESMA publishes statement
• MiFID II remuneration and suitability requirements - ESMA publishes official translations of Guidelines
• LIBOR cessation - FCA publishes statement on one, three and six-month synthetic USD LIBOR

Asset Management

• Investment Research Review - HM Treasury launches call for evidence

Insurance

• Holistic Framework - IAIS publishes report on Targeted Jurisdictional Assessment
• Calculating redress for non-compliant pension transfer advice - FCA updates webpage
• Business interruption insurance test case - FCA publishes webpage on insurer claims data

Financial Crime

• MLD4 - EBA publishes final reports on Guidelines covering money laundering and terrorist financing risks

Enforcement

• Wyelands Bank Plc - PRA publishes Final Notice and imposes public censure
• Unfair terms in insurance broker contract - FCA publishes Notice of Undertaking from Policy Excess Insure Limited (trading as Nova Direct)
• Defrauding investors - FCA commences criminal proceedings