HM Treasury

News & Analysis as of

Anti-Money Laundering Update: HM Treasury Advisory Notice on Money Laundering and Terrorist Financing Controls

On November 12, HM Treasury published an advisory note on money laundering and terrorist financing controls in jurisdictions outside the European Union. The advisory note identifies that on October 23, the Financial Action...more

Treasury updates ML advisory

Treasury has updated its advisory on money laundering (ML) and terrorist financing controls in overseas jurisdictions. It continues to advise that North Korea, Iran and Myanmar are high risk, and firms should apply enhanced...more

Treasury updates on PAD implementation

Treasury has published a draft version of the Payment Accounts Regulations 2015 designed to implement the Payment Accounts Directive (PAD). The Regulations would come into force on 18 September 2016 so as to give banks and...more

Treasury updates sanctions

Treasury has updated the sanctions lists in respect of Afghanistan....more

Treasury makes ELTIF Regulations

Treasury has made the European Long Term Investment Funds (ELTIF) Regulations, which come into force on 3 December. The Regulations amend...more

Treasury Publishes Payment Card Interchange Fee Regulations

Treasury has published the Payment Card Interchange Fee Regulations 2015. These appoint “competent authorities” (i.e. FCA and PSR) to monitor and enforce regulatory compliance for the purposes of the EU’s Regulation on...more

Treasury reports on terrorist asset freezing measures

Treasury has reported on use of terrorist asset freezing designations and frozen funds during the quarter ending September 2015. ...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

HM Treasury proposes to extend Senior Managers and Certification Regime to all FCA firms - HM Treasury published a policy paper on 15 October 2015, in which it proposes to extend the senior managers and certification...more

UK Senior Managers and Certification Regime To Replace FCA Approved Persons Rules for All UK Authorized Firms

HM Treasury has announced as part of a new bill introduced in the UK parliament, that the current proposals for rules requiring senior banking individuals to have more responsibility in designated areas within banks operating...more

Treasury consults on UCITS V

Treasury is consulting on legislative changes it needs to make to implement UCITS V. The consultation is separate from FCA’s current consultation, which addresses the bulk of the changes, including the remuneration rules the...more

Treasury updates sanctions

Treasury has updated the sanctions lists in relation to the Yemen....more

FOS responds to pensions consultation

FOS has responded to Treasury’s consultation on pension transfers and early exit charges (see FReD 7 August). FOS responds that it has not, to date, received many enquiries and complaints concerning exit charges and fees but...more

CLLS responds to Treasury’s BoE Bill Consultation

CLLS has published its response to Treasury’s technical consultation on the BoE Bill’s proposals (see FReD 24 July and FReD 16 October)....more

Treasury updates sanctions

Treasury has updated the sanctions lists...more

Exchange International: Financial Services Regulation Newsletter - Issue 27

DLA Piper’s Financial Services International Regulatory Team welcomes you to the twenty-seventh edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

Treasury publishes ML NRA

Treasury has released its first national risk assessment (NRA) on the domestic risks of money laundering (ML) and terrorist financing within the regulated sector. This includes the risks associated with cash, new payment...more

Treasury publishes card fees response

Treasury has published the government’s final approach to implementing the Interchange Fee Regulation, following its consultation on rules to cap the fees charged by banks to their business customers for processing credit and...more

Treasury gives SMR extension details

Treasury has published details of its proposals to extend the Senior Manager Regime (SMR) to all authorised firms, apart from insurers who are subject to the Senior Insurance Managers Regime (SIMR). The regime will replace...more

Treasury makes Transparency Regulations

Treasury has made the Transparency Regulations 2015, which amend the Financial Services and Markets Act 2000 (FSMA) in line with the Transparency Directive. The Regulations make changes in respect of...more

Treasury updates sanctions

Treasury has updated the sanctions list in relation to Al-Qaida and Liberia. ...more

Treasury proposes new disciplinary powers

Treasury has published draft legislation extending PRA’s and FCA’s disciplinary powers. The changes ensure that relevant powers extend to both PRA and FCA and give FCA new powers in respect of individuals who have knowingly...more

Treasury Committee publishes FCA business plan response

The Treasury Committee has published the response FCA sent to the Committee’s comments on the 2014/15 Business Plan and, in particular, how FCA’s actions had created a misleading market in life assurance company shares....more

Treasury introduces BoE Bill

Treasury has published the responses to the Government’s technical consultation on proposed changes to the governance of BoE (see FReD 24 July). It also introduced the Bank of England and Financial Services Bill (the BoE...more

Treasury Committee publishes FCA SME redress response

The Treasury Committee has published FCA’s response to its comments on how banks treat SMEs. It welcomed FCA’s decision to review how the redress scheme for mis-sold interest rate hedging products has operated....more

FCA and Treasury seek advice views

FCA and Treasury have launched a call for input seeking views on how to improve customer access to financial advice. The consultation focuses on: - what kind of financial advice consumers want...more

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