On 20 September 2021, the Treasury Committee published the Government’s response to its report on the Future Regulatory Framework of Financial Services. Key points in the response include: The Government will bring forward detailed proposals in a second consultation in the autumn. Therefore the response does not go into detail as regards the Government’s views on the recommendations set out in the report. The EU financial services rules that were on-shored during Brexit should be…

Financial services: Regulation tomorrow

Regulation Tomorrow Plus – UK IFPR series: Governance and Remuneration

By Jochen Vester (UK), Iona Wright (UK) & Simon Lovegrove (UK)

September 21, 2021

In this latest podcast in our new mini-series focussing on the new UK Investment Firm Prudential Regime (or UK IFPR), brought to you as part of the Regulation Tomorrow podcast, we look at governance requirements, the ICARA process and the new MiFIDPRU Remuneration Code to firms. In addition, we have developed an IFPR: Impact product to help clients manage each step of their internal implementation project. It provides a high level summary of the…

Financial services: Regulation tomorrow

Legislative proposal introduces reporting requirement for changes in control of vital providers of infrastructure for financial markets

By Floortje Nagelkerke (NL)

September 21, 2021

On 30 June 2021, the legislative proposal for the Security Assessment Investments, Mergers and Acquisitions Act (Wet veiligheidstoets investeringen, fusies en overnames, the Legislative Proposal) has been submitted to the Dutch Parliament (Tweede Kamer). The Legislative Proposal applies to acquiring activities in relation to target companies that qualify as a vital provider. For the financial markets, the following companies qualify as a vital provider: a central counterparty (centrale tegenpartij) as defined in Regulation (EU) 648/2012…

Financial services: Regulation tomorrow

AFM publishes report on the implementation of the SFDR by Dutch funds

By Floortje Nagelkerke (NL)

September 21, 2021

On 14 September 2021, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) published a report on the implementation of the Sustainable Finance Disclosure Regulation (the SFDR) by Dutch funds (Rapport Implementatie SFDR, the Report). The SFDR has been applicable since 10 March 2021 and contains requirements for the disclosure of Environmental, Social and Governance (ESG) factors. The Report is the result of a survey among Dutch fund managers conducted by the AFM.…

Financial services: Regulation tomorrow

Delegated Regulation supplementing the BRRD with regard to RTS for contractual recognition of write down and conversion powers published in the OJ

By Simon Lovegrove (UK)

September 20, 2021

On 17 September 2021, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2021/1527 of 31 May 2021 supplementing the Bank Recovery and Resolution Directive (BRRD) with regard to regulatory technical standards (RTS) for the contractual recognition of write down and conversion power. The Delegated Regulation covers: Conditions under which it would be impracticable to include the contractual term referred to in Article 55(1) of the BRRD in certain…

Financial services: Regulation tomorrow

Withholding evidence on the ground of Common Law Public Interest Immunity in Singapore

By Wilson Ang, Jeremy Lua, Tyne Lam & Jim Yang Teo

September 19, 2021

Key takeaways The Singapore High Court recently confirmed in Mah Kiat Seng v Attorney-General [2021] SGHC 202 (Mah Kiat Seng) that the common law doctrine of public interest immunity remains part of Singapore law and was not superseded by the enactment of the Evidence Act (Cap. 97) (EA) in 1893. The Court also clarified how the common law doctrine of public interest immunity interacts with the statutory framework of the EA – in particular, sections…

Financial services: Regulation tomorrow

FCA and the Pensions Regulator outline a framework for value for money in defined contribution pension schemes

By Simon Lovegrove (UK)

September 17, 2021

On 16 September 2021, the Pensions Regulator and the FCA jointly issued Discussion Paper 21/3: Driving Value for Money in defined contribution pensions (DP21/3). In DP21/3 the regulators discuss developing a common framework for measuring value for money (VFM) in defined contribution (DC) pension schemes. The aim of the two regulators is to drive a long-term focus on VFM across the pensions sector. The common framework will also allow trustees and independent governance committees to…

Financial services: Regulation tomorrow

SRB approach to prior permissions regime: update

By Martin Krause (DE)

September 17, 2021

On 16 September 2021, the Single Resolution Board (SRB) published an update to information on its approach to prior permissions for eligible liabilities. Prior to calling, redeeming, repaying or repurchasing eligible liabilities instruments before their contractual maturity, institutions are required to obtain the authorisation of the resolution authority in accordance with Article 77(2) of the Capital Requirements Regulation (CRR), as well as further detailed in Article 78a CRR. There are two categories of permissions: ad…

Financial services: Regulation tomorrow

FCA Regulation Roundup – update on SMR and AR applications and switching off fsa.gov.uk redirects

By Simon Lovegrove (UK)

September 17, 2021

On 16 September 2021, the FCA published its latest Regulation Round-up. Among other things the Regulation Round-up provides an update on: Senior Manager Regime (SMR) and Appointed Representative (AR) applications. The FCA mentions its earlier communication in December about delays in determining SMR and Significant Influence Function (SIF) applications, following the large volume of applications received before the extension of the Senior Managers and Certification Regime (SM&CR). In addition, in Q1 2021 the FCA…

Financial services: Regulation tomorrow

UK Finance paper ‘Navigating the path to respectability: Making sense of the financial crime risk posed by cryptoassets and how to manage it appropriately’

By Simon Lovegrove (UK)

September 17, 2021

On 16 September 2021, UK Finance published ‘Navigating the path to respectability: Making sense of the financial crime risk posed by cryptoassets and how to manage it appropriately’. The paper is intended to help readers understand cryptoasset business models from crypto ATMs to exchanges, P2P sites and ICO issuance and how they can be exploited by bad actors and what risks they pose to banks and the traditional financial sector. The paper addresses the…

Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

Blog Authors

Treasury Committee response to the report on the Future Regulatory Framework of Financial Services

Regulation Tomorrow Plus – UK IFPR series: Governance and Remuneration

Legislative proposal introduces reporting requirement for changes in control of vital providers of infrastructure for financial markets

AFM publishes report on the implementation of the SFDR by Dutch funds

Delegated Regulation supplementing the BRRD with regard to RTS for contractual recognition of write down and conversion powers published in the OJ

Withholding evidence on the ground of Common Law Public Interest Immunity in Singapore

FCA and the Pensions Regulator outline a framework for value for money in defined contribution pension schemes

SRB approach to prior permissions regime: update

FCA Regulation Roundup – update on SMR and AR applications and switching off fsa.gov.uk redirects

UK Finance paper ‘Navigating the path to respectability: Making sense of the financial crime risk posed by cryptoassets and how to manage it appropriately’

Stay Connected

Company

Products

Support

New to the Network