On 18 January 2022, HM Treasury published the results of its July 2020 consultation on cryptoasset promotions, and confirmed that the UK government will introduce measures that will effectively bring a wider range of...more
UK and Singapore Financial Partnership on financial services HM Treasury has announced that it has agreed a new "Financial Partnership" between the UK and Singapore which will support increased financial services between the...more
7/6/2021
/ Artificial Intelligence ,
Consultation Papers ,
ESRB ,
European Banking Authority (EBA) ,
European Central Bank ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
HM Treasury ,
Memorandum of Understanding ,
Monetary Authority of Singapore ,
Popular ,
Singapore
ISO 20022 payment messages: Pay.UK and BoE collaboration The Bank of England (BoE) and Pay.UK have published a joint press release announcing collaboration on ISO 20022 payment messages. The BoE and Pay.UK are implementing...more
CRR: ECB extends leverage ratio relief for banks until March 2022 due to COVID-19 The European Central Bank (ECB) has adopted a Decision on the temporary exclusion of certain exposures to central banks from the leverage ratio...more
Draft Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 published A draft version of the Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 has been published, together with...more
6/21/2021
/ Bank Recovery and Resolution Directive (BRRD) ,
Banking Sector ,
Banks ,
Capital Requirements Regulation (CRR) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Single Supervisory Mechanism ,
UK
Hogan Lovells Global Payments Newsletter: June 2021 We have published our latest Global Payments Newsletter which reports on key developments of interest to the payments sector over the last month, including ...more
2022/23 supervisory benchmarking exercise for capital internal models: PRA statement - The UK Prudential Regulation Authority (PRA) has published a statement on its expectations concerning the 2022 and 2023 supervisory...more
Financial Services Act 2021 receives Royal Assent -
The Financial Services Bill 2019-21 has received Royal Assent. Among other things, the Financial Services Act 2021...more
5/4/2021
/ Anti-Corruption ,
European Central Bank ,
False Claims Act (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Green Finance ,
Legislative Agendas ,
MiFID ,
Regulatory Agenda ,
Supervisory Guidance ,
UK
BoE stress testing: 2021 Climate Biennial Exploratory Scenario update -
Reports on key recent regulatory developments focussing on banking and finance. See also our Financial institutions general regulatory news and other...more
5/4/2021
/ Bank of England ,
Bank Recovery and Resolution Directive (BRRD) ,
Capital Requirements Regulation (CRR) ,
European Banking Authority (EBA) ,
Financial Regulatory Reform ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Remuneration ,
RTS ,
Stress Tests ,
UK
The Financial Conduct Authority (FCA) is contacting thousands of firms across various sectors that appear to have missed the 31 March 2021 deadline for submitting “Directory person” data.
...more
Recent regulatory developments focussed on the payments sector. Reports on a BoE update on its policy for omnibus accounts in its RTGS service, and an LSB update on the CRM Code for APP scams. ...more
Regulation of non-transferable debt securities: HM Treasury consultation HM Treasury has published a consultation paper on the regulation of non-transferable debt securities (NTDS) (often referred to as mini-bonds)....more
Financial Guidance and Claims Act 2018 (Commencement No 7) Regulations 2021 -
The Financial Guidance and Claims Act 2018 (Commencement No. 7) (Dissolution of the Consumer Financial Education Body) Regulations 2021 (SI...more
Omnibus accounts for payment systems operators and prefunding accounts: BoE update - The Bank of England (BoE) has updated its webpage on payment and settlement to add the following new sections to the information provided in...more
Consumer credit forms: FCA statement on post-Brexit changes - The UK Financial Conduct Authority (FCA) has published a statement and accompanying webpage relating to changes certain consumer credit firms will have to make to...more
COVID-19: BoE statement on regulatory treatment of Recovery Loan Scheme -
The Bank of England (BoE) has published a statement on the regulatory treatment of the UK Recovery Loan Scheme (RLS), which has been launched as part...more
4/19/2021
/ Bank of England ,
Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
European Banking Authority (EBA) ,
Financial Regulatory Reform ,
Infectious Diseases ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
RTS ,
UK
LIBOR transition: FCA and BoE encourage switch to SONIA in sterling non-linear derivatives market -
The Financial Conduct Authority (FCA) and the Bank of England (BoE) have published a joint statement announcing that they...more
4/5/2021
/ CSDR ,
EMIR ,
European Securities and Markets Authority (ESMA) ,
FICC Market Standards Board (FMSB) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Reform ,
Interest Rates ,
Libor ,
MiFID ,
MiFIR ,
Regulatory Agenda ,
Securities Regulation ,
Sterling Overnight Index Average (SONIA) ,
UK
EU CRR: Corrigendum to Commission Implementing Regulation containing ITS on reporting requirements for market risk -
A corrigendum to Commission Implementing Regulation (EU) 2021/453 containing implementing technical...more
AI Public-Private Forum: BoE publishes minutes of second meeting The Bank of England (BoE) has published minutes from the second meeting of the Artificial Intelligence Public-Private Forum (AIPPF), which was held on 26...more
3/15/2021
/ AML/CFT ,
BSA/AML ,
Cyber Threats ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Libor ,
Office of Financial Sanctions Implementation (OFSI) ,
Regulatory Agenda ,
UK
Breathing Space Regulations: FCA PS21/2 -
Following its consultation in CP20/21, the UK Financial Conduct Authority (FCA) has published a policy statement, PS21/2, on changes to its Handbook in li ...more
Future of UK financial services: Treasury Committee inquiry written evidence -
The House of Commons Treasury Committee has published written evidence to the committee's inquiry into the future of financial services in the...more
3/9/2021
/ European Securities and Markets Authority (ESMA) ,
FATF ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
MiFID II ,
MLD4 ,
Money Laundering ,
Regulatory Agenda ,
Terrorist Financing Regulations ,
UK
Contactless payments: FCA PS21/2 on amendments to single and cumulative transaction thresholds -
Following its consultation in CP21/3, the UK Financial Conduct Authority (FCA) has published a policy statement ...more
LIBOR transition: Working Group's best practice guide for GBP loans and Q&A -
The Working Group Sterling Risk-Free Reference Rates published a best practice guide for GBP loans. Alongside the guide, the Working Group also...more
3/9/2021
/ Basel III ,
Capital Requirements Regulation (CRR) ,
Environmental Social & Governance (ESG) ,
European Central Bank ,
European Commission ,
Financial Regulatory Reform ,
Implementing Technical Standards (ITS) ,
Libor ,
Popular ,
Regulatory Agenda ,
RTS ,
UK
COVID-19: PRA statement on COVID-19 regulatory reporting amendments -On 5 February 2021, the UK Prudential Regulation Authority (PRA) has published a further statement on COVID-19 regulatory reporting amendments. ...more
New Payments Architecture: PSR CP21/2 The UK Payment Systems -
Regulator (PSR) has published a consultation paper, CP21/2, on the options for reducing risks to the successful delivery of the New Payments Architecture (NPA)....more