On 16 August 2022, the European Commission published Commission Delegated Regulation of 16.8.2022 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying exotic underlyings and the instruments bearing residual risks for the purposes of the
Financial services: Regulation tomorrow
Tracks financial services regulatory developments and provides insight and commentary
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FCA encourages market participants to continue transition of LIBOR-linked bonds
On 16 August 2022, the Financial Conduct Authority (FCA) published a statement encouraging issuers and bond holders of outstanding LIBOR-linked bonds to consider taking necessary action to transition outstanding LIBOR-linked bonds to fair alternative rates.
The FCA is encouraging:
- Issuers
…
Commission Delegated Regulation amending the RTS as regards the 90-day exemption for account access
On 16 August 2022, the European Commission published Commission Delegated Regulation (EU) of 3.8.2022 amending the regulatory technical standards (RTS) laid down in Delegated Regulation 2018/389 as regards the 90-day exemption for account access.
The final draft RTS introduces into…
OFSI updates licensing timeframes in its general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018
On 28 July 2022, the Office of Financial Sanctions Implementation (OFSI) updated its general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018. The guidance outlines firms’ obligations under financial sanctions, as well as OFSI’s approach to…
New podcast on the Financial Services and Markets Bill
In our latest podcast on the Financial Services and Markets Bill, Matthew Gregory and Hannah Meakin take a closer look at the Bill’s provisions on financial promotion (Apple podcasts / Spotify).
DNB consultation of Q&A on retention bonuses
The Dutch Central Bank (De Nederlandsche Bank, DNB) has launched a public consultation on a Q&A regarding retention bonuses (retentievergoedingen) within the meaning of Article 1:122 of the Act on the Financial Supervision (Wet op het financieel toezicht, the AFS).…
JMLSG publishes revisions to Part II Sector 11 (Motor Finance) Annex 11-I
On 12 August 2022, the Joint Money Laundering Steering Group (JMLSG) published revisions to Part II Sector 11 Annex 11- I. This is the Finance and Leasing Association standard for the prevention of financial crime and terrorist financing in motor…
FCA updates TPR webpages
On 12 August 2022, the FCA updated the following webpages on the temporary permissions regime (TPR):
- Considerations for firms leaving the TPR – Under the section, ‘Firms that previously passported into the UK under schedule 3 or schedule 4 to
…
Commission Delegated regulation specifying the calculation methods of gross jump-to-default amounts for exposure to default risk arising from certain derivative instruments, and specifying the determination of notional amounts of instruments other than the instruments referred to in Article 325w(4) of the CRR
On 11 August 2022, the European Commission published a Commission Delegated Regulation supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards specifying the calculation methods of gross jump-to-default (JTD) amounts for exposures to debt and equity instruments…
Bank of England letter on the Financial Services and Markets Bill
On 11 August 2022, the House of Commons’ Treasury Committee published a letter from the Bank of England (BoE) regarding the Financial Services and Markets Bill.
In the letter the BoE welcomes the Future Regulatory Framework measures contained in the…