On 10 December 2021, the PRA and the FCA co-published a Dear CEO letter concerning a supervisory review of global equity finance businesses. The annex to the Dear CEO letter sets out the PRA’s and FCA’s main observations and expectations for these businesses in the following areas: business strategy and organisation; onboarding and reputational risk; financial risk management controls and governance; and liquidation and close-out. The PRA and FCA expect such businesses to carry out a systemic review against the findings in the annex.