08 Jul 2022

Financial Regulation Weekly Bulletin - 7 July 2022

Includes developments in relation to: EU digital finance package; PSD2; fees for incoming CCPs and CSDs; retail investment funds; IRRD; and Solvency II

Click on the headings below to access each section:


  • Cryptoasset Roadmap 2022-2023 - Published by IOSCO
  • EU digital finance package - Political agreement reached on MiCA
  • Taxonomy Climate Delegated Act on nuclear and gas activities - European Parliament announces MEPs do not object
  • Change in control notification delays - FCA updates webpage
  • Regulated firms - FCA publishes Finalised Guidance (FG22/4) on approach to compromises
  • Director of Consumer Finance, Director of Wholesale Buy-Side, Director of Digital Assets, Director of Retail and Regulatory Investigations, Director of Strategy, Policy International and Intelligence, and Director of Wholesale, Sell-Side - FCA makes new appointments
  • Climate-related data gaps - The NGFS publishes final report

Beyond Brexit

  • The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022 - Draft statutory instrument and explanatory memorandum published

Banking and Finance

  • Cross-border payments - FSB consults on interim report
  • Proportionality - Basel Committee on Banking Supervision publishes high level considerations
  • PSD2 - EBA publishes Decision on reporting payment fraud data
  • CRR - EBA assesses implementation of its Opinion on the treatment of legacy instruments
  • UK financial stability - Report published by the FPC with Financial Policy Summary and meeting record
  • Single Payments Area - EPC publishes version 2.1 of the Single Euro Payment Area Request-To-Pay scheme rulebook
  • Bank of Beirut (UK) Ltd v Moukarzel EWHC 377 (Comm)

Securities and Markets

  • CSDR buy-in regime - European Commission adopts Commission Delegated Regulation amending RTS suspending application
  • Qualification of financial advisors - European Commission publishes report
  • EU SME referral scheme - European Commission publishes report
  • ESMA 2022 deliverables - ESMA publishes letter to European Commission
  • Fourth EU-wide CCP stress test - ESMA publishes report
  • EURIBOR - EMMI publishes outcome of second annual review
  • Fees for incoming CCPs and CSDs - Bank of England publishes two consultation papers
  • UK-based equity markets - FCA publishes Consultation Paper (CP22/12)

Asset Management

  • IFR - Commission Delegated Regulation (EU) 2022/1159 on RTS on the disclosure of firms’ investment policy published in OJ
  • ELTIF Regulation - ECON publishes report on proposed amending Regulation
  • Sustainable Disclosure Requirements and investment labelling regime - FCA publishes update on Discussion Paper (DP21/4)
  • Retail investment funds - FCA publishes Policy Statement (PS22/8) on separate unit classes
  • CMC Spreadbet PLC v Robert Tchenguiz EWHC 1640 (Comm)


  • IRRD - EIOPA publishes staff paper on proposed Directive
  • Contract boundaries and technical provisions valuations - EIOPA publishes revised guidelines
  • Solvency II - PRA publishes statement on recalculation of the transitional measure on technical provisions
  • Solvency II - PRA publishes Policy Statement (PS6/22) on definition of an insurance holding company

Financial Crime

  • Virtual assets and virtual asset service providers - FATF publishes Report on implementation of Recommendations
  • AML/CFT - HM Treasury updates advisory notice on controls in high-risk third countries


  • Creditors’ voluntary liquidation - FCA publishes first supervisory notice issued to Alexander David Securities Limited


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