Financial Regulation Weekly Bulletin - 8 December 2022

Click on the headings below to access each section:

General

• Resolution Report 2022 – FSB takes stock
• Sustainable finance - European Commission publishes speech
• Financial Services and Markets Bill - Report stage in House of Commons completed
• Improving regulatory operational effectiveness - HM Treasury publishes correspondence with the FCA and the PRA
• Application of the Consumer Duty - FCA publishes proposed clarifications
• Gateway for firms who approve financial promotions - FCA publishes Consultation Paper (CP22/27)
• Cyber Coordination Group meetings - FCA publishes summary of insights
• Section 165 request for principal firms - FCA publishes new webpage
• Digital Regulation Cooperation Forum workplan - Call for input published

Beyond Brexit

• NCAs’ handling of relocation to the EU following Brexit - ESMA publishes peer review

Banking and Finance

• Climate- related financial risks - Basel Committee publishes FAQs
• Consumer Credit Directive II - Provisional political agreement reached on proposed Directive
• PSD2 - Commission Delegated Regulation amending RTS on strong customer authentication published in OJ
• CRR - Commission Implementing Regulation amending ITS on mapping of credit assessments of ECAIs for securitisation published in OJ
• Real Time Gross Settlement Service renewal programme - Bank of England publishes updated webpage
• Support for mortgage borrowers - HM Treasury publishes statement and the FCA issues guidance
• APP scams reporting - PSR publishes Consultation Paper (CP22/5)

Securities and Markets

• EU Capital Markets Union - European Commission publishes package of legislative proposals on clearing, corporate insolvency and listing
• FX Global Code - GFXC publishes statement on workplan discussions

Asset Management

• ELTIF Regulation - Council of the European Union has published an information note on proposed Regulation
• Financial advisers and intermediaries - FCA publishes portfolio letter

Insurance

• Diversity, equity and inclusion and insurance supervision - IAIS publishes report
• European Deposit Insurance Scheme - Key MEPs publish letter calling for progress on an EDIS
• Prudential treatment of sustainability risks - EIOPA publishes Discussion Paper
• Insurance for natural catastrophes - EIOPA publishes protection gap dashboard
• Settlement at fair market value -  FCA urges insurance providers not to undervalue insured items
• General insurance pricing rules - FCA publishes findings of multi- firm review

Financial Crime

• Managing ML/TF risks when providing access to financial services - EBA publishes Consultation Paper
• AML Regulation and MLD6 - Council of the European Union publishes position on proposed Regulation
• AML/CTF - JMLSG publishes final revisions to Part I of guidance

Enforcement

• Provision of unsuitable advice to transfer out of British Steel Pension Scheme -  FCA publishes Final Notice
• Market manipulation - FCA publishes Decision Notices against three bond traders
• Failures in market abuse surveillance systems of broker firms - FCA publishes Final Notice
• Moneybrain Ltd v FCA [2022] UKUT 00257 (TCC)