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Consultation Prudential Regulation Authority (PRA)

BCLP

A deep dive into the FCA’s approach to the regulation of AI within financial services

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Last week the FCA issued three announcements concerning its approach to the digital future of financial services in the UK. Amongst these was the FCA’s AI Update, their response to the government’s recent AI consultation...more

BCLP

Personal Matters - How will the risks to firms from individuals’ behaviour increase in 2024?

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Financial regulators in the UK have been interested for some years in the question of how personal behaviour can affect the risk profile of a financial institution. A recent SEC case suggests that US regulators may now be...more

WilmerHale

Toxic Culture Review: FCA Statutory Demand for Non-Financial Misconduct Data

WilmerHale on

“The wholesale insurance market in particular has a long way to go in having an inclusive culture...areas for improvement include...preventing and handling non-financial misconduct,” stated the Financial Conduct Authority...more

BCLP

Applying the FCA’s proposed new guidance on non-financial misconduct

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Non-financial misconduct in financial services firms is back at the top of the agenda following the concurrent publication of the FCA’s Consultation Paper 20/23 (Diversity and inclusion in the financial sector – working...more

Latham & Watkins LLP

UK Regulators Set Out Policy Proposals on Misconduct; Diversity and Inclusion

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The FCA and the PRA have published their long-awaited consultations which aim to formalise how firms approach diversity and inclusion. On 25 September 2023, the FCA and the PRA published separate but related consultation...more

Goodwin

The FCA Consults: D&I Standards for Large Firms, Nonfinancial Misconduct Rules for All

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On 25 September, the Financial Conduct Authority (FCA) published its consultation paper CP23/20: Diversity and inclusion in the financial sector – working together to drive change alongside a similar consultation paper...more

Latham & Watkins LLP

Putting It All Together: A Brief Guide to the UK’s New Securitisation Framework

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The new securitisation framework will combine three sets of overlapping rules, in an effort to repeal and replace retained EU law in the UK. The missing piece of the puzzle to the UK’s new securitisation framework became...more

Latham & Watkins LLP

UK High Court Sanctions £10.1 Billion Annuity Book Transfer From PAC to Rothesay

Latham & Watkins LLP on

The judgment clarifies the Court’s approach to proposed transfers under Part VII of FSMA, as well as the scope and application of s. 110(1)(b).  On 24 November 2021, the High Court of England and Wales (the Court)...more

WilmerHale

FCA Discussion Paper - Diversity, inclusion and its future impact on SMCR

WilmerHale on

During July the FCA made two announcements which demonstrate its continued focus on culture and diversity and their intersection with governance. In a Consultation Paper, it announced proposed changes to Listing Rules which...more

Latham & Watkins LLP

UK Regulators Launch Discussion on Diversity and Inclusion

Latham & Watkins LLP on

Discussion Paper opens debate on potential new rules to improve diversity in financial services. On 7 July 2021, the FCA, the PRA, and the Bank of England published a joint Discussion Paper on diversity and inclusion in...more

Latham & Watkins LLP

Private Bank Briefing – June 2021

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The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q2 2021. In this edition, we cover sustainable finance developments, the...more

A&O Shearman

UK Prudential Regulator Publishes Policy Statement on Changes to Pillar 2 Capital Requirements

A&O Shearman on

The U.K. Prudential Regulation Authority has published a Policy Statement following its consultation last year on changes to the Pillar 2 capital requirements for banks and large investment firms. The amendments will apply...more

A&O Shearman

UK Prudential Regulator Proposes Minor Policy Change for Systemic Risk Buffer

A&O Shearman on

The U.K. Prudential Regulation Authority has published a consultation paper entitled "The systemic risk buffer: Updates to the Statement of Policy," proposing minor updates to its Statement of Policy, "The PRA’s approach to...more

A&O Shearman

Financial Regulatory Developments Focus - November 2018 #2

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In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

A&O Shearman

Bank of England Consults on Changes to FMI Rules and Onshored Binding Technical Standards for Brexit

A&O Shearman on

The Bank of England has published a consultation paper entitled "UK withdrawal from the EU: Changes to FMI rules and onshored Binding Technical Standards." The consultation forms part of a package of consultations, "Dear CEO"...more

A&O Shearman

Bank of England and UK Prudential Regulator Consult on Approach to Onshoring EU Financial Services Legislation for Brexit

A&O Shearman on

The Bank of England and the U.K. Prudential Regulation Authority have launched a joint consultation paper entitled "The Bank of England’s approach to amending financial services legislation under the European Union...more

A&O Shearman

UK Prudential Regulator Consults on Rule Changes and Onshoring of Binding Technical Standards for Brexit

A&O Shearman on

The U.K. Prudential Regulation Authority has published a consultation paper entitled "UK withdrawal from the EU: Changes to PRA Rulebook and onshored Binding Technical Standards." The consultation forms part of a package of...more

A&O Shearman

UK Prudential Regulator Consults on Managing Financial Risks from Climate Change

A&O Shearman on

The Prudential Regulation Authority has published a consultation paper on a draft Supervisory Statement on managing the financial risks from climate change. The consultation follows the PRA's publication in September 2018 of...more

A&O Shearman

UK Prudential Regulator Proposes Period of Overlap for Transition to New Pillar 2 Reporting Template

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The U.K. Prudential Regulation Authority has published a consultation proposing a six-month overlap period following the introduction of the new Pillar 2 Liquidity reporting template (PRA110) from July 1, 2019. The Capital...more

A&O Shearman

UK Financial Conduct Authority Consults on Guidance Under the Extended Senior Managers Regime

A&O Shearman on

The Financial Conduct Authority has published a consultation paper on proposed guidance on the Statement of Responsibilities (SoR) and Responsibilities Maps required under the Senior Managers and Certification regimes. The...more

A&O Shearman

Financial Regulatory Developments Focus - October 2018 #3

A&O Shearman on

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

A&O Shearman

UK Prudential Regulator Consults on Changes to Forms for Regulatory Transactions

A&O Shearman on

The U.K. Prudential Regulation Authority has launched a consultation entitled "Regulatory transactions: Changes to notification and application forms." The proposals in the consultation are for the amendment of various PRA...more

A&O Shearman

UK Prudential Regulator Consults on Revisions to Supervisory Reporting Requirements

A&O Shearman on

The U.K. Prudential Regulation Authority has launched a consultation on changes to the PRA's reporting requirements to reflect proposed changes set out by the European Banking Authority in EBA consultations launched in August...more

A&O Shearman

UK Regulator Consults on Changes to Definition of Default for Credit Risk

A&O Shearman on

The Prudential Regulation Authority has opened a consultation on proposals to implement the European Banking Authority's recent regulatory products on the definition of default in the Capital Requirements Regulation. The CRR...more

A&O Shearman

UK Prudential Regulator Confirms its Approach to MREL Reporting

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The U.K. Prudential Regulation Authority has published a Policy Statement on reporting the minimum requirement for own funds and eligible liabilities and an updated Supervisory Statement "Resolution Planning", following a...more

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