Financial Services Regulation Weekly Updates

Welcome to the Herbert Smith Freehills LLP Financial Regulation Weekly Update containing key regulatory developments from the financial services regulation teams in the United Kingdom, the APAC region, Europe and the United States.

FSR Weekly Update 9 November 2018

FSR Weekly Update for the period 5 – 9 November 2018. In this issue, the FCA published a speech providing an update on Brexit and the PRA imposed a financial penalty for failure to disclose information.

FSR Weekly Update 2 November 2018

FSR Weekly Update for the period 29 October – 2 November 2018. In this issue the FCA launched a market study into general insurance pricing strategies and the PRA published a summary on ring-fencing reporting requirements.

FSR Weekly Update 26 October 2018

FSR Weekly Update for the period 22 – 26 October 2018. In this issue, the FCA published a progress report on PPI complaints and the impending deadline and the Bank of England announced its approach to financial services legislation under the European Withdrawal Act 2018.

FSR Weekly Update 19 October 2018

FSR Weekly Update for the period 15 – 19 October 2018. In this issue, the FCA launched its Green FinTech Challenge and the House of Commons Exiting the European Union Committee published a letter on the impact of Brexit on existing contracts.

FSR Weekly Update 12 October 2018

FSR Weekly Update for the period 8 – 12 October 2018. In this issue, the FCA published guidance for consultation on the Senior Managers Certification Regime and various statutory instruments relating to Brexit were published.

FSR Weekly Update 5 October 2018

FSR Weekly Update for the period 1 – 5 October 2018. In this issue, the FCA fines a bank £16.4 million for cybersecurity failures. The FCA has also published its thematic review of money laundering and terrorist financing risks in the electronic money sector.

FSR Weekly Update 28 September 2018

FSR Weekly Update for the period 24 – 28 September 2018. In this issue, the authorised push payment (APP) Scams Steering Group has published for consultation its draft contingent reimbursement code and the PRA has published a report on the impact of climate change on the UK banking sector.

FSR Weekly Update 21 September 2018

FSR Weekly Update for the period 17 – 21 September 2018. In this issue, the FCA published a consultation paper on how it proposes to apply the Senior Managers Certification Regime (SMCR) to claims management companies. Additionally, the Information Commissioner’s Office (ICO) issued Equifax Ltd with a £500,000 fine for failing to protect the personal information of up to 15 million UK citizens.

FSR Weekly Update 14 September 2018

FSR Weekly Update for the period 10 – 14 September 2018. In this issue, the FCA published a statement on its Annual Public Meeting and the DCMS published guidance on data protection in the event of a no-deal scenario.

FSR Weekly Update 7 September 2018

FSR Weekly Update for the period 3 – 7 September 2018. In this issue,  the FCA sentenced five individuals in a £2.8 million investment fraud case, and the House of Commons published a letter from Dominic Raab, Secretary of State for Exiting the European Union, on the future of financial derivatives in the event of a ‘no deal’ scenario.

FSR Weekly Update 31 August 2018

FSR Weekly Update for the period 28 – 31 August 2018. In this issue, the PRA updates its supervisory statement (SS19/13) on resolution planning information with reference the European Banking Authority’s Regulatory Technical Standards on Simplified Obligations which comes into force later in 2018.

FSR Weekly Update 24 August 2018

FSR Weekly Update for the period 20 – 24 August 2018. In this issue, HM Treasury sets out the UK government’s preparations for a no deal scenario and provides guidance for banking, insurance and other financial services firms and the FCA issues consultation paper: Claims management companies: recovering the costs of FCA regulation and the Financial Ombudsman Service.

FSR Weekly Update 17 August 2018

FSR Weekly Update for the period 13 – 17 August 2018. In this issue, the BoE publishes a call for interest to explore the demand for introducing synchronised settlement to the renewed Real-Time Gross Settlement service and the FCA publishes the findings from its review of how non-deposit taking mortgage lenders and mortgage third-party administrators handle complaints.

FSR Weekly Update 10 August 2018

FSR Weekly Update for the period 6 – 10 August 2018. In this issue, the FCA announces the creation of the Global Financial Innovation Network and he Upper Tribunal finds the FCA acted unlawfully in the exercise of its powers under s 28A FSMA in the decision of Plaxedes Chickombe and 44 others v The FCA.

FSR Weekly Update 3 August 2018

FSR Weekly Update for the period 30 July – 3 August 2018. In this issue, the FCA updates its advice on preparing for Brexit and publishes a discussion paper on the review of the retained provisions of the Consumer Credit Act 1974.

FSR Weekly Update 27 July 2018

FSR Weekly Update for the period 23 – 26 July 2018. In this issue, ESMA consults on MiFID II RTS 11, Prospectus Regulation, and minimum information content for prospectus exemption; ECON reports on competition issues in FinTech, and; the UK Government issues White paper on the future relationship between the UK and the EU.

FSR Weekly Update 20 July 2018

FSR Weekly Update for the period 16 – 20 July 2018. In this issue, the FCA publishes its Approach to Consumers document outlining the measures it will take to protect consumers and its Annual Report and Accounts looking back on the key pieces of work undertaken by the organisation throughout 2017/18.

FSR Weekly Update 13 July 2018

FSR Weekly Update for the period 9 – 13 July 2018. In this issue, the PRA publishes policy statements relating to Solvency II and the SFO has announces the conviction of two former senior bankers for manipulating the Euro Interbank Offered Rate.

FSR Weekly Update 6 July 2018

FSR Weekly Update for the period 2 – 6 July 2018. In this issue, the PRA publishes policy statement PS16/18 setting out changes to insurance reporting requirements; the FCA announces the extension of the Senior Managers & Certification Regime to almost all regulated firms, including all solo-regulated firms, insurers and re-insurers, and the FCA publishes a consultation paper and guidance on Regular Premium PPI Complaints and Recurring Non-disclosure of Commission.

FSR Weekly Update 29 June 2018

FSR Weekly Update for the period 25 – 29 June 2018. In this issue, the FCA publishes its final report on the Retirement Outcomes Review Market Study and its strategic review of retail banking business models.

FSR Weekly Update 22 June 2018

FSR Weekly Update for the period 18 – 22 June 2018. In this issue, the FCA publishes a statement on the EBA’s Opinion and draft guidelines on the RTS on Strong Customer Authentication and Common and Secure Communication and Chancellor of the Exchequer, Mr Hammond discusses his model for a stable and efficient future financial services relationship between the UK and EU.

FSR Weekly Update 15 June 2018

FSR Weekly Update for the period 11 – 15 June 2018. In this issue, the PRA publishes policy statement (PS11/18) setting out feedback to its consultation (CP1/18), “Resolution planning: MREL Reporting” and the FCA’s Director of Enforcement and Market Oversight discusses the FCA’s mission and its approach to enforcement and supervision.

FSR Weekly Update 8 June 2018

FSR Weekly Update for the period 4 – 8 June 2018. In this issue, the FCA publishes the finalised rules for a new premium listing category open to sovereign controlled companies; the BoE consults on ‘ISO 20022 Consultation Paper: A Global Standard to Modernise UK Payments’, and the FCA consults on how it proposes to regulate claims management companies once it assumes responsibility for regulating the sector in April 2019.