Welcome to the Herbert Smith Freehills LLP Financial Services Regulation Weekly Update covering regulatory developments in the United Kingdom, the APAC region, Europe and the United States.

 

FSR Weekly Update – 15 November 2019

In this edition, the FCA consults on fees and levies, the ECB risk-free reference rates working group reports on fallback arrangements, ESMA publishes data updates for MiFID II, and more…

FSR Weekly Update – 8 November 2019

In this edition, the FCA publishes a statement on MiFID II inducements and research, the Single Resolution Board launches a Q&A process for resolution reporting, the European Supervisory Authorities make statements to the EU Parliament about their current and future plans, and more…

FSR Weekly Update – 1 November 2019

In this edition, the Treasury Committee publishes its reports on economic crime and consumers, and on IT failures in the financial services sector, the PRA writes to CEOs about the reliability of regulatory returns, the EBA reports on impediments to cross-border provision of banking and payment services, and more…

FSR Weekly Update – 25 October 2019

In this edition, the Chief Executives of the PRA and the FCA deliver their remarks at the Annual City Banquet at the Mansion House, the Bank of England updates its webpage on stress testing, the EBA publishes its Opinion on the regulatory treatment of NPE securitisations, the G20 welcomes recent updates on stablecoins, and more…

FSR Weekly Update – 18 October 2019

in this edition, the FCA issues Market Watch 62 which focuses on personal account dealing, the PRA consults on supervising liquidity and funding risks, the JMLSG publishes syndicated lending guidance, EIOPA consults on the Solvency 2 2020 review, the FSB publishes a number of reports relevant to the G20 reforms, and more…

FSR Weekly Update – 11 October 2019

In this edition, the FCA updates firms on no-deal expectations, the Government responds to the Treasury Committee report on the regulatory perimeter, the EU Commission consults on Basel III reforms, and more…

FSR Weekly Update 4 October 2019

In this edition, the FCA publishes the interim report of its market study into pricing of home and motor insurance, the FCA and PRA change mortgage reporting requirements, the PRA consults on asset encumbrance, ESMA consults on MiFIR alignment following introduction of EMIR Refit, and more…

FSR Weekly Update 27 September 2019

In this edition, the FCA extends the duration of TPP directions, the Bank of England Governor speaks at the UN Climate Summit, the PRA consults on modelling of IPRE loans and internal credit assessments for illiquid, unrated assets under Solvency II, the EBA publishes its 2020 work programme, and more…

FSR Weekly Update 20 September 2019

In this edition, the FCA publishes the outcome of its review into MiFID II research unbundling rules, the PRA consults on Solvency II and PPP investment expectations, EIOPA reports on cyber risk for insurers, the UN launches Principles for Responsible Banking, and more…

FSR Weekly Update 13 September 2019

In this edition, the PRA issues its policy statement relevant to the supervision of international banks, the CMA publishes for consultation its provisional decision on Part 6 of the Retail Banking Market Investigation Order 2017, the FCA postpone its call for input on access and use of data in the wholesale markets, the EU Commission issues Q&As on the strong customer authentication (SCA) requirements of the revised Payment Services Directive (PSD2), and more…

FSR Weekly Update 6 September 2019

FSR Weekly Update for the period 2 September to 6 September 2019. In this edition, the FCA publishes the forms to be used to submit data for the new Directory, a number of statutory instruments related to the UK’s withdrawal from the EU are published, ESMA publishes its final guidelines on liquidity stress tests for AIFs and UCITS, and more…

FSR Weekly Update 30 August 2019

FSR Weekly Update for the period 27 August to 30 August 2019. In this edition, the FCA updates the temporary permissions regime (TPR) website for inbound passporting firms and funds, the FCA publishes findings from its remuneration round 2018/19, the Law Commission seeks views on intermediated securities, the ECB publishes a paper on stability in crypto-assets, and more…

FSR Weekly Update 23 August 2019

FSR Weekly Update for the period 19 August to 23 August 2019. In this edition, the FCA writes to CEOs about Strong Customer Authentication (SCA) requirements in card-not-present ecommerce transactions, the Institute and Faculty of Actuaries publishes its guide to climate change for general insurance practitioners, the EBA and ESMA write to the EU Commission about cryptocurrencies, and more…

FSR Weekly Update 16 August 2019

FSR Weekly Update for the period 12 August to 16 August 2019. In this edition, the UK Advertising Standards Authority (ASA) sets out its ruling on a cryptocurrency trading platform’s print advertisement, the FCA announces that it has agreed a plan for phased implementation of the EU Strong Customer Authentication (SCA) rules, the EU’s Single Resolution Board (SRB) and EU Commission sign a memorandum of understanding on cooperation, and more…

FSR Weekly Update 9 August 2019

FSR Weekly Update for the period 5 August to 9 August 2019. In this edition, the FCA updates the terms of reference for membership and governance of the Global FInancial Innovation Network (GFIN), the Financial Ombudsman Service publishes information on consumer credit complaints, the European Banking Authority (EBA) publishes its opinion on aspects of the implementation of the Deposit Guarantee Schemes Directive (DGSD), and more…

FSR Weekly Update 2 August 2019

FSR Weekly Update for the period 29 July to 2 August 2019. In this edition, the Treasury Committee publishes its report on the regulatory perimeter, the PRA’s Head of Legal, Enforcement and Litigation discusses the regulator’s approach to enforcement, the European Commission calls for further advice on the Basel III framework, and more…

FSR Weekly Update 26 July 2019

FSR Weekly Update for the period 22 July to 26 July 2019. In this edition, the FCA publishes its Policy Statement on optimising the SMCR and the Directory, the FCA sets out its supervision strategy for stock brokers and wealth managers in a Dear CEO letter, the UK regulators publish updates and a consultation on EU Exit arrangements, the EBA publishes its Opinion of the relevance of money laundering and terrorist financing concerns to prudential supervision, and more…

FSR Weekly Update 19 July 2019

FSR Weekly Update for the period 15 July to 19 July. In this edition, HM Treasury releases a call for evidence on regulatory coordination to inform its Future Regulatory Framework Review, FCA publishes a feedback statement on fair pricing in financial services, ESMA consults on guidelines on the MiFID II compliance function requirements, and more…

FSR Weekly Update 12 July 2019

FSR Weekly Update for the period 8 July to 12 July. In this edition, the PRA writes to Remuneration Committee Chairs of Solvency II firms, the FCA publishes the results of its multi-firm review of retail banking business continuity planning, ESMA reports on the licencing of FinTech firms, and more…

FSR Weekly Update 5 July 2019

FSR Weekly Update for the period 1 July to 5 July 2019. In this edition, the FCA publishes the findings from its multi-firm review into compliance with PSRs and EMRs, the UK Government launches its Green Finance Strategy, EIOPA consults on guidelines on outsourcing to cloud service providers, and more…

FSR Weekly Update 28 June 2019

FSR Weekly Update for the period 24 June to 28 June 2019. In this edition, the UK Parliament’s Treasury Committee announces its inquiry into the work of the FSCS, the FCA confirms recognition of the FX Global Code and UK Money Markets Code, the European Banking Authority sets out a roadmap for new market and counterparty credit risk approaches, and more…

FSR Weekly Update 21 June 2019

FSR Weekly Update for the period 17 June to 21 June 2019. In this edition, Mark Carney gives his final Mansion House address as Governor of the Bank of England, HM Treasury progresses its “Breathing Space” scheme, the European Banking Authority consults on guidelines on loan origination and monitoring, and more…

FSR Weekly Update 14 June 2019

FSR Weekly Update for the period 10 June to 14 June 2019. In this edition, the FCA publishes final rules on Buy Now Pay Later (BNPL), the PRA writes to CEOs of fast-growing firms, HM Treasury publishes the terms of reference for the Joint Authorities Cash Strategies Group, the EU Commission publishes its fifth Brexit Preparedness communication, and more…

FSR Weekly Update 7 June 2019

FSR Weekly Update for the period 3 June to 7 June 2019. In this edition, the FCA publishes final rules on overdraft market reforms, the PRA and FCA issue a joint statement on LIBOR transition, ESMA launches a supervisory action on MiFID II appropriateness rules, and more…

FSR Weekly Update 31 May 2019

FSR Weekly Update for the period 27 May to 31 May 2019. In this edition, the FCA publishes its near final rules to align the Handbook with the EU Prospectus Regulation, the new industry code on APP scams is launched, the US Treasury and HM Treasury announce the Financial Innovation Partnership, and more…

FSR Weekly Update 24 May 2019

FSR Weekly Update for the period 20 May to 24 May 2019. In this edition, the FCA publishes its first full decision under competition enforcement powers, the UK conduct regulator also extends the notification window for the Temporary Permissions Regime (TPR) in light of the delay to the UK’s withdrawal from the EU, HM Treasury launches the independent investigation into the events surrounding the failure of London Capital & Finance plc, and more…

FSR Weekly Update 17 May 2019

FSR Weekly Update for the period 13 May to 17 May 2019. In this edition, the FCA provides an update on price discrimination in the cash savings market, the Bank of England speaks on operational resilience, the EU Commission requests advice from ESMA on the Market Abuse Regulation (MAR), and more…

FSR Weekly Update 10 May 2019

FSR Weekly Update for the period 7 May to 10 May 2019. In this edition, the UK Jurisdiction Taskforce opens its consultation on cryptoassets, DLR and smart contracts, the Treasury Committee reports on consumers’ access to financial services, EIOPA issues a report on the use of Big Data, and more….

FSR Weekly Update 3 May 2019

FSR Weekly Update for the period 29 April to 3 May 2019. In this edition, the FCA launches the FSR Partners Phoenixing Group, a call for input on the scope of the FCA’s review of the RDR and FAMR is announced, ESMA and EIOPA submit technical advice to the EU Commission on sustainable finance, and more…

FSR Weekly Update 26 April 2019

FSR Weekly Update for the period 23 April to 26 April 2019. In this edition, the FCA publishes its Approach documents on Enforcement and Supervision, the Independent Evaluation Office reports its assessment of the Bank of England’s approach to concurrent stress testing, EIOPA reports on its 2018 supervisory activities, and more…

FSR Weekly Update 18 April 2019

FSR Weekly Update for the period 15 April to 18 April 2019. In this edition, the FCA sends a letter regarding wholesale market broking firms, the Bank of England and the PRA publish an EU Exit policy statement, EIOPA hosts its fourth InsurTech roundtable, and more…

FSR Weekly Update 12 April 2019

FSR Weekly Update for the period 8 April to 12 April 2019. In this edition, the FCA extends the TPR notifications window, the FCA’s Thematic Review of the GI value chain report is released with accompanying consultation and “Dear CEO” letter, EIOPA calls for consistent application of the proportionality principle for the supervision of SCR, and more…

FSR Weekly Update 5 April 2019

FSR Weekly Update for the period 1 April to 5 April 2019. In this edition, the Department for Digital, Culture, Media & Sport (DCMS) reports on extending the Dormant Assets Scheme, the FCA’s Markets and Wholesale Policy Director delivers a speech on effective stewardship, and the EU Commission announces the launch of a feasibility study on a possible common EU regulatory approach for crypto-assets, and more…

FSR Weekly Update 29 March 2019

FSR Weekly Update for the period 25 March to 29 March 2019. In this edition, the FCA publishes a package of final instruments and guidance for a no-deal EU withdrawal, the FCA and PRA publish amended directions for the Temporary Permissions Regime, the US SEC and FCA sign supervisory cooperation MoUs, and more…

FSR Weekly Update 22 March 2019

FSR Weekly Update for the period 18 March to 22 March 2019. In this edition, the FCA and ESMA issue statements on the MiFID transparency regime, the FCA issues Primary Market Bulletin 22, EMMI consults on the transition from EONIA, and more…

FSR Weekly Update 15 March 2019

FSR Weekly Update for the period 11 March to 15 March 2019. In this edition, the FCA makes a statement on the operation of the MiFID transparency regime post-Brexit, the PRA sets out final policy on credit risk mitigation, the EU Commission and US CFTC issue a statement on EMIR 2.2, and more…

FSR Weekly Update 8 March 2019

FSR Weekly Update for the period 4 March to 8 March 2019. In this edition, the FCA issued final rules on the new Directory and Guidance on Statements of Responsibilities and Responsibilities Maps, the FCA has released industry insights on cyber security, the Access to Cash Review published its final report, and more….

FSR Weekly Update 1 March 2019

FSR Weekly Update for the period 25 February to 1 March 2019. In this edition, the FCA, PRA and Bank published additional materials relevant for the UK exit from the EU, the FCA published its findings on disclosure of costs by asset managers, and more…

FSR Weekly Update 22 February 2019

FSR Weekly Update for the period 18 February to 22 February 2019. In this edition, the FCA issued its first decision under its competition enforcement powers, FCA’s Director of Supervision for Investment, Wholesale and Specialist Firms spoke on the transition from LIBOR, ESMA set out its 2019 supervision work programme, and more…

FSR Weekly Update 15 February 2019

FSR Weekly Update for the period 11 February to 15 February 2019. In this edition, the FCA’s Director of Market Oversight delivers a key speech on MAR implementation, the EU Data Protection Board gives its view on the transfer of personal data between EEA and non-EEA financial supervisors, and more…

FSR Weekly Update 8 February 2019

FSR Weekly Update for the period 4 February – 8 February 2019. In this edition, the FCA publishes research on passive investing and equity market performance, the FCA advises that it will communicate its next steps on introducing a duty of care in Spring 2019, the Bank of England agrees Memoranda of Understanding with the European Supervisory Authorities, and more…

FSR Weekly Update 1 February 2019

FSR Weekly Update for the period 28 January – 1 February 2019. In this edition, the FCA agrees MoUs with ESMA and EU regulators, the JMLSG publishes its 2019 workplan, ESMA issues a statement on derivatives reporting under EMIR, and more…

FSR Weekly Update 25 January 2019

FSR Weekly Update for the period 21 January 2019 – 25 January 2019. In this edition, the UK and Switzerland sign an insurance deal, the Treasury Committee announces a new inquiry on the future of financial services post EU exit, ECON voices concerns about the preparation of the SCR review, and more…

FSR Weekly Update 18 January 2019

FSR Weekly Update for the period 14 January 2019 – 18 January 2018. In this edition, the PRA’s CEO speaks about its competition objective, the FCA responds to the Complaints Commissioner on interest rate hedging products, EIOPA issues a call for evidence on sustainability under Solvency II, and more…

FSR Weekly Update 11 January 2019

FSR Weekly Update for the period 7 January 2019 – 11 January 2019. In this edition, the FCA publishes its Sector Views, the Brexit temporary permissions regime notification window opens, and more…

FSR Weekly Update 4 January 2019

FSR Weekly Update for the period 24 December 2018 – 4 January 2019. In this first edition of 2019, the FCA opens the temporary permissions registration for claims management companies, ESMA updates its MiFID II/MiFIR Q&As, and more…

FSR Weekly Update 21 December 2018

FSR Weekly Update for the period 17 – 21 December 2018. In this final issue for 2018, the Government and FCA respond to the Treasury Committee’s Crypto-Assets Report; the UK and US sign the bilateral agreement on prudential measures in (re)insurance, the EU Commission issues a communication on preparations for a no-deal Brexit, and more… The FSR Weekly Update will return on 4 January 2019.

FSR Weekly Update 14 December 2018

FSR Weekly update for the period 10 – 14 December 2018. In this issue, the FCA has published updated information on Brexit preparations and the Home Office provides an update on the first year of it’s Anti-Corruption Strategy for 2017 – 2022.

FSR Weekly Update 7 December 2018

FSR Weekly update for the period 3 – 7 December 2018. In this issue, HM Treasury published various draft statutory instruments relating to Brexit and the SFO ended the UK’s first ever Deferred Prosecution Agreement.

FSR Weekly Update 30 November 2018

FSR Weekly update for the period 26 – 30 November 2018. In this issue, HM Treasury published various draft statutory instruments relating to Brexit, and the FCA published its Final Approach to Authorisation.

FSR Weekly Update 23 November 2018

FSR Weekly Update for the period 19 -23 November 2018. In this issue, we discuss the Brexit Draft Political Declaration and the House of Commons Treasury Committee launched an inquiry into IT failures in the financial services sector.

FSR Weekly Update 16 November 2018

FSR Weekly Update for the period 12 – 16 November 2018. In this issue, the UK Government published the draft Brexit Withdrawal Agreement and the FCA published findings from its review of how wholesale and retail banks have implemented whistleblowing rules.

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.