On 18 January 2022, the FCA issued a new webpage regarding the temporary permissions regime (TPR) and the action that the regulator may take in the following scenarios:
- FSMA firms that miss their landing slot.
- Firms that fail to respond
Financial services: Regulation tomorrow
Tracks financial services regulatory developments and provides insight and commentary
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FCA CP22/2: Strengthening our financial promotion rules for high risk investments, including cryptoassets
On 19 January 2022, the FCA published Consultation Paper 22/2: Strengthening our financial promotion rules for high risk investments, including cryptoassets (CP22/2). The proposals in CP22/2 build on the questions the FCA asked in Discussion Paper 21/1 (DP21/1) on how…
Government to strengthen rules on misleading cryptocurrency adverts
Introduction
On 18 January 2022, HM Treasury set out its response to its July 2020 consultation seeking to bring certain cryptoassets into the scope of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO). The consultation set…
Summary report – ‘Targeted consultation on taking stock of the framework for supervising European capital markets, banks, insurers and pension funds: supervisory convergence and the single rulebook’
On 17 January 2022, the European Commission issued a summary report ‘Targeted consultation on taking stock of the framework for supervising European capital markets, banks, insurers and pension funds: supervisory convergence and the single rulebook’. The targeted consultation was…
ECB opinion on a proposal to amend the CRR with respect to resolution
On 17 January 2022, the European Central Bank (ECB) issued an opinion on a proposal to amend the Capital Requirements Regulation (CRR) with respect to resolution.
The ECB supports the proposed regulation, which ensures better alignment between the provisions of…
IOSCO consults on measures to address risks arising from digitalisation of retail marketing and distribution
On 17 January 2022, the International Organization of Securities Commissions (IOSCO) published a consultation report intended to assist its members in adapting their regulatory and enforcement approaches to meet the challenges posed by recent technological developments and the rapid growth…
Summary of changes to the BoE’s ISO 20022 migration announced
On 17 January 2022, the Bank of England (BoE) published a new webpage summarising the changes to its ISO 20022 migration approach announced in January 2022, by type of organisation.
Key messages on the webpage include:
- The migration of CHAPS
…
Payment fraud data trends
On 17 January 2022, the European Banking Authority (EBA) issued a Discussion Paper setting out its preliminary observations on selected payment fraud data under the revised Payment Services Directive (PSD2), as reported by the industry during 2019 and 2020. The…
HMT consultation on the Future Regulatory Framework Review – CCPs and CSDs
On 17 January 2022, HM Treasury (HMT) issued a consultation on central counterparties (CCPs) and central securities depositories (CSDs) as part of its Future Regulatory Framework Review (FRFR). Specifically, the consultation follows the commitment in paragraphs 17 and 7.35 of…
EBA confirms the continued application of COVID-19 related reporting and disclosure requirements until further notice
On 17 January 2022, the European Banking Authority (EBA) issued a press release confirming that the guidelines on the reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis adopted on 2 June 2020 continue…