Financial Regulation Weekly Bulletin - 5 April 2023

Includes developments in relation to: the pro-innovation approach to AI regulation; depositor protection reforms; prudential liquidity framework; LIBOR cessation; MLD4 and unfair terms in insurance broker contract.

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

 

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
Sarah Redlich
Practice Development Lawyer at Slaughter and May