The UK’s Prudential Regulation Authority ("PRA") has recently published various statements regarding its current approach to its regulation of banking in the UK, including delaying implementation of Basel 3.1 rules....more
By March 31, 2025, U.K. firms regulated by the Financial Conduct Authority will be required to have conducted mapping and testing to ensure they remain within their impact tolerances for identified operational risks of...more
The Prudential Regulation Authority ("PRA") has published its near-final policy statement (the "PS") setting out feedback to seven chapters of its consultation paper 16/22 (CP16/22) on implementation of the final elements of...more
The UK’s Financial Conduct Authority ("FCA") has devoted issue 75 of Market Watch (a newsletter on market conduct and transaction reporting issues) to share observations on practices around ‘market soundings’....more
The UK’s Treasury has published its consultation response on “Financial promotion exemptions for high net worth individuals and sophisticated investors” alongside the draft Statutory Instrument making the relevant changes....more
The UK’s banking regulator, the Prudential Regulation Authority (“PRA”) has published a Discussion Paper (DP3/23) covering securitisation bank capital in the context of: (1) the Basel 3.1 output floor and capital requirements...more
The Financial Stability Board (“FSB”) has published its report on 2023 Bank Failures: Preliminary lessons learnt for resolution which follows on from the report from the Basel Committee on Banking Supervision (“BCBS”) on the...more
The UK’s banking regulator, the Prudential Regulation Authority (“PRA”) has announced its intention to move the implementation date of the final Basel 3.1 policies by six months to 1 July 2025 and commensurately reduce the...more
In June of this year, the UK’s Financial Conduct Authority (“FCA”) introduced rules to allow mortgage lenders to more easily vary contracts in order to allow borrowers to make reduced capital payments or switch to an...more
In Policy Statement 23/4 (PS23/4) on “Improving Equity Secondary Markets,” the UK’s Financial Conduct Authority sets out its final proposed amendments to...more
The Prudential Regulation Authority (“PRA”) has published Consultation Paper 15/23 – Securitisation: General requirements (“CP 15/23”) setting out its proposed rules to replace retained EU law requirements on...more
8/3/2023
/ Comment Period ,
Financial Regulatory Reform ,
Financial Services Industry ,
FSMA ,
Institutional Investors ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Standards ,
Securitization ,
Securitization Market ,
Securitization Standards ,
UK
The UK and Europe have released a number of updated requirements for securitisations that, while not effecting material changes, are notable in their scope and number. Below, we give a brief guide to these changes and their...more
7/24/2023
/ Capital Markets ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
RTS ,
Securities Regulation ,
Securitization ,
Securitization Standards ,
Securitization Vehicles ,
UK
The UK Government has published its response to a call for evidence for a review of the Short Selling Regulation. The review was initiated as part of the UK’s aim to deliver a “Smarter Regulatory Framework” for financial...more
The UK’s Financial Conduct Authority (“FCA”) has introduced robust new rules for those marketing cryptoassets to UK consumers. In Policy Statement PS23/6, new requirements covering financial promotions for all firms aimed at...more
6/26/2023
/ Consumer Financial Products ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Financial Conduct Authority (FCA) ,
Financial Instruments ,
Financial Regulatory Reform ,
Investment Opportunities ,
Investor Protection ,
Marketing ,
Smart Contracts
By way of diversion from the current crisis mode of regulators the world over, here we discuss positive regulatory initiatives on bank liquidity, CDS clearing and the development of Long Term Asset Funds.
UK bank...more
On 30 September 2022, the Prudential Regulation Authority (the “PRA”) published Consultation Paper 16/22 (the “Consultation Paper”) proposing for the implementation of Basel 3.1 standards in the UK. The consultation closes on...more
Under the Future Regulatory Framework (the legislative structure for a post-Brexit UK regulatory system proposed under the Financial Services and Markets Bill currently before Parliament) the UK’s Financial Conduct Authority...more
The FCA has warned cryptoasset firms to get ready for new rules controlling their financial promotions that reach UK residents. Regardless of whether they are operating from the UK or from abroad, cryptoasset providers are...more
The UK Government (Treasury) has published a consultation and call for evidence on a ‘Future financial services regulatory regime for cryptoassets’ which sets out what is being called ‘phase 2’ of the UK’s approach to...more
2/9/2023
/ Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Investment ,
Market Abuse ,
UK
In CP16/22 (published on 30 November 2022), the UK’s Prudential Regulation Authority (“PRA”) sets out plans for implementing the Basel 3.1 standards for calculating risk-weighted assets (“RWA”). Concerned that downward...more
On the 9th of December, the UK’s Chancellor, Jeremy Hunt, set out a “collection of announcements” aimed at reforming the UK’s financial services ecosystem to maximise its position outside the EU while aligning still with...more