The UK Investment Firm Prudential Regime (IFPR) will take effect on January 1, 2022. This will have a significant impact on UK MiFID II investment firms and CPMIs, who should start considering the likely impact of the new prudential regime
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Financial services: Regulation tomorrow
Tracks financial services regulatory developments and provides insight and commentary
Latest from Financial services: Regulation tomorrow
FCA and BoE consult on changes to reporting requirements under UK EMIR
On 25 November 2021, the FCA and Bank of England (BoE) co-published Consultation Paper 21/31: Changes to reporting requirements, procedures for data quality and registration of trade repositories under UK EMIR (CP21/31).
In CP21/31 the regulators are setting out three…
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PRA consultation on operational resilience and continuity in resolution to holding companies
On 25 November 2021, the PRA published Consultation Paper 21/21: Operational Resilience and Operational Continuity in Resolution: CRR firms, Solvency II firms, and Financial Holding Companies (for Operational Resilience) (CP21/21). In CP21/21 the PRA sets out proposals to apply the…
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EBA publishes draft RTS on the calculation of risk-weighted exposure amounts of CIUs
On 25 November 2021, the European Banking Authority (EBA) published a final report setting out draft regulatory technical standards (RTS) that specify the methodology to apply to calculate the risk-weighted exposure amounts of collective investment undertakings (CIUs), in the context…
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Commission proposal establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability
On 25 November 2021, the European Commission published a proposal for the Regulation establishing a European single access point (ESAP) providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability.
The establishment of a…
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EU pilot regime on DLT
On 24 November 2021, the European Parliament announced that it had reached agreement with the Council on a pilot scheme based on distributed ledger technology (DLT). The project follows the ‘sandbox’ approach, allowing for temporary derogations from certain requirements under…
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Commission proposal to amend ELTIF Regulation
On 25 November 2021, the European Commission published a proposal for a Regulation amending the Regulation on European long-term investment funds (ELTIFs).
The changes relate to the scope of eligible assets and investments, the portfolio composition and diversification requirements, the…
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Commission proposal regarding delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by AIFs
On 25 November 2021, the European Commission published a proposal for a Directive that would amend the Alternative Investment Funds Managers Directive (AIFMD) and UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody…
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10 things to know about the European Commission’s MiFIR Review Proposal
On 25 November 2021, the European Commission (the Commission) published its long-awaited legislative proposal for a review of the Markets in Financial Instruments Regulation (MiFIR Review Proposal). This note summarises ten key issues market participants should know about…
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UK vs US Enforcement Approaches: A comparison
The United States Department of Justice (DOJ) and Securities and Exchange Commission (SEC) have recently reiterated their focus on fighting corporate crime (see here and here our more detailed articles on these developments). In particular, the US authorities have:
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