08 Sep 2023

Financial Regulation Weekly Bulletin - 7 September 2023

Includes developments in relation to: climate-related litigation risks, politically exposed persons and the cryptoasset financial promotion regime.

Click on the headings below to access each section:


  • 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


  • 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


  • 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


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


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