Financial Regulation Weekly Bulletin - 7 September 2023

Click on the headings below to access each section:

General

• The Financial Services and Markets Act 2000 (Exemptions from Financial Promotion General Requirement) Regulations 2023 – Statutory instrument and explanatory memorandum published
• FCA Work Update – FCA publishes letter in response to Treasury Select Committee
• Cryptoasset financial promotions regime – FCA publishes expectations, examples of good and poor practice, and offers modification by consent for MLR-registered firms
• Personal data in financial services – FSCP publishes research paper on potential bias and detriment for consumers with protected characteristics

Sustainability

• Climate-related litigation risks – ECB publishes speech
• Second economy-wide climate stress test - ECB publishes results 
• ISSB Sustainability Disclosure Standards – FCA publishes response to Request for Information
• Climate-related litigation risks – NGFS publishes two complementary reports
• Nature-related Financial Risks – NGFS publishes Conceptual Framework
• UK Green Taxonomy – GTAG publishes two reports

Banking and Finance

• CRR – European Commission adopts Delegated Regulation containing reporting rules on banks’ exposure to shadow banking
• Analysing lenders’ fair value assessments – FCA publishes statement

Securities and Markets

• End of LIBOR – Bank of England publishes speech
• EMIR 3.0 – Trade associations publish joint statement on proposed active account requirement
• DeFi - IOSCO publishes Consultation Paper on policy recommendations

Asset Management

• Risks in corporate debt and real estate investment funds – ESRB publishes issues note

Insurance

• FCA pricing rules – Insurance group agrees voluntary requirement and to carry out past business review
• IDD – FCA publishes Consultation Paper on the future regulatory framework

Financial Crime

• Frozen assets reporting – OFSI publishes 2023 reporting notice
• Politically exposed persons – FCA launches review
• Sanctions systems and controls assessments – FCA publishes new webpage detailing findings
• Financial crime controls – FCA publishes speech

Enforcement

• Pension transfer advice failings – FCA takes action against two individuals