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
Financial services: Regulation tomorrow
Tracks financial services regulatory developments and provides insight and commentary
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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.…
HMT publishes the Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Partial Property Transfers and Safeguarding of Protected Arrangements) Regulations 2023
By Emily Stone
On 6 December 2023, HM Treasury published the Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Partial Property Transfers and Safeguarding of Protected Arrangements) Regulations 2023 (SI 2023/1316).
This statutory instrument relates to the introduction of a new…
FOS consults on 2024/25 plans and budget
By Emily Stone
On 6 December 2023, the Financial Ombudsman Service (FOS) published a consultation paper on its 2024/25 Plans and Budget.
In the consultation, the FOS sets out its proposals to reduce the case fee by £100 per case to £650 and…
Commission Delegated Regulation supplementing the CRR with regard to RTS specifying in which circumstances the conditions for identifying groups of connected clients are met
By Debra Fisher
On 6 December 2023, the European Commission published a Delegated Regulation supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying in which circumstances the conditions for identifying groups of connected clients are met.
The Delegated…
Updated – Consolidated Q&As on the PRIIPs KID
By Debra Fisher
On 5 December 2023, the European Supervisory Authorities updated their consolidated questions and answers on the PRIIPs key information document.
These sections of the Q&As have been updated with answers to the following questions:
- General topics:
- If a product,
…
HMT publishes illustrative draft of the Financial Services and Markets Act 2000 (The Ombudsman Scheme) Regulations 2024
On 5 December 2023, HM Treasury (HMT) published an illustrative draft of the Financial Services and Markets Act 2000 (The Ombudsman Scheme) Regulations 2024, along with a Policy Note.
Upon laying and subject to being approved by Parliament, this…
HMT publishes the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.2) Regulations 2023
On 5 December 2023, HM Treasury (HMT) published the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.2) Regulations 2023 (SI 2023/1306).
This statutory instrument amends the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations…
FCA final report on credit information market study
On 5 December 2023, the FCA published a final report on its credit information market study (MS19/1.3).
The final report follows the FCA’s publication in November 2022 of an interim report which found that whilst the credit information market was…
HMT publishes the Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023
On 5 December 2023, HM Treasury published the Resolution of Central Counterparties (CCPs) (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 (SI 2023/1313).
This statutory instrument relates to the introduction of a new special resolution regime for CCPs…