On 7 December 2023, the FCA published Consultation Paper CP23/29: Access to Cash (CP23/29), setting out its proposals for how it supports access to cash in an increasingly digital world.
The FCA is proposing a new regulatory regime, which would
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FCA, PRA and BoE consult on operational resilience: critical third parties to the UK financial sector
On 7 December 2023, the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Bank of England (BoE) jointly published a Consultation Paper (CP) on Operational resilience: Critical third parties to the UK financial sector (PRA CP26/23 and FCA CP23/30).…
Council adopts mandate to start negotiations with the European Parliament on EMIR revisions
On 6 December 2023, the Council of the EU issued a press release stating that it had adopted a mandate to start negotiations with the European Parliament on a review of the European Market Infrastructure Regulation (EMIR) and a directive…
Daisy Chains: Council and Parliament reach agreement
On 6 December 2023, the Council of the EU and the European Parliament reached a provisional political agreement on the so called Daisy Chains proposal which amends the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation to…
ICMA publishes updated Master Regulatory Reporting Agreement
By Emily Stone
On 6 December 2023, the International Capital Market Association (ICMA), in collaboration with AFME, FIA, ISDA and ISLA, published an updated version of the Master Regulatory Reporting Agreement (MRRA) and the accompanying explanatory memorandum. The MRRA provides users with a…
ESAs consult on guidelines on the ESAs Information System
On 6 December 2023, the European Supervisory Authorities (ESAs) published a Consultation Paper on draft guidelines on the system established by the ESAs for the exchange of information relevant to the assessment of the fitness and propriety of holders of…
Daisy Chains: Council and Parliament reach agreement
By Emily Stone
On 6 December 2023, the Council of the EU and the European Parliament reached a provisional political agreement on the so called Daisy Chains proposal which amends the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation to…
FCA consults on updating the regime for Money Market Funds
By Emily Stone & Anita Edwards
On 6 December 2023, the FCA published consultation paper CP23/28: Updating the regime for Money Market Funds (MMFs).
CP23/28 sets out proposals to enhance the resilience of MMFs based in the UK, addressing vulnerabilities identified in the 2020 ‘dash for…
HMT publishes near-final draft Money Market Funds Regulations 2024
By Emily Stone
On 6 December 2023, HM Treasury (HMT) published a near-final version of the draft statutory instrument (SI) – the Money Market Funds Regulations 2024 – to replace the Money Market Funds Regulation and create a new framework for money market…
FCA update on cash savings – December 2023
By Emily Stone
On 6 December 2023, the FCA published an update on the cash savings market for December 2023.
The update follows the 14-point action plan set out by the FCA in July 2023 in its review of the cash savings market.…