On 18 September 2020, the UK regulatory authorities (HM Treasury, Bank of England, PRA, FCA, Payment Systems Regulator, Competition and Markets Authority, the Pensions Regulator and the Information Commissioners Office) published an updated version of the Financial Services Regulatory Initiatives Grid. This edition of the Grid contains 111 initiatives, an increase on the 85 that were set out in the first edition published in May 2020. That increase is partly due to the inclusion…

On 18 September 2020, the European Banking Authority (EBA) published an opinion addressed to the European Commission to raise awareness as to the opportunity to clarify certain issues relating to the definition of credit institution in the upcoming review of the Capital Requirements Regulation (CRR) and the Capital Requirements Directive IV. The opinion illustrates that divergences remain in the interpretation of elements of the notion of ‘credit institution’, despite its definition being embodied in the…

On 18 September 2020, the European Central Bank (ECB) published its finalised guide outlining the methodology it uses to assess how euro area banks under its supervision calculate their exposure to counterparty credit risk (CCR) and advanced credit valuation adjustment (CVA) risk, following a public consultation which ended on 18 March 2020. The Capital Requirements Regulation (CRR) requires model approval for new models of any risk type and for material model extensions and changes to…

On 18 September 2020, the FCA issued a statement in response to queries from cannabis-related companies interested in listing in the UK. The FCA statement is pending a guidance consultation which will follow in due course. Key points in the statement include: While medicinal cannabis was legalised in the UK in 2018, investment in overseas-licensed medicinal cannabis businesses remains a legally complex area. The FCA considers that there remains a risk that the proceeds from…