The PRA’s expectations on outsourcing and third party risk management

At the end of March, the Prudential Regulation Authority (PRA) published the Policy Statement (PS7/21) and the Supervisory Statement (SS2/21) which set out its expectations of PRA-regulated firms regarding outsourcing and third party risk management. The publications are part of the wider operational resilience policy package released jointly with the Bank of England (the Bank) and the UK Financial Conduct Authority (FCA). In this post, we briefly explain the background to these publications and review the implications for both PRA-regulated firms and service providers. Read more

HM Treasury consultation on IFPR implementation and Basel 3 standards

HM Treasury has published a consultation paper seeking views on the exercise of its delegated powers under the Financial Services Bill (FS Bill) to ensure the effective implementation of the Investment Firm Prudential Regime (IFPR) and outstanding Basel 3 standards. The consultation also seeks views on the scope of application of the resolution regime for FCA-regulated investment firms. Read more

HM Treasury consults on UK regulatory approach to cryptoassets and stablecoins

On 7 January 2021, HM Treasury  published a consultation and call for evidence on the UK’s regulatory approach to cryptoassets and stablecoins, which sets out HMT’s proposals for a new regulatory regime covering stablecoins and its approach to regulating cryptoassets more generally. The proposals follow HMT’s July 2020 consultation on bringing certain cryptoassets within the scope of the financial promotions regime (see our blog post here). Read more