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:

General

  • 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)

Insurance

  • 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

Enforcement

  • Creditors’ voluntary liquidation - FCA publishes first supervisory notice issued to Alexander David Securities Limited
Contact Information
Selmin Hakki
Senior PSL at Slaughter and May