Following its 2018 report, the FCA investigated changes due to COVID-19, the impacts of digitisation and the benefits of ring-fencing retail banks, in light of facilitating competition. The FCA summarises its key findings as follows: Large banks are in a strong position but face increasing competition, in particular for PCAs (Private Current Accounts) Low levels [...]
The FCA issues 2 Policy Statement on climate-related disclosures: one for Listed Companies, issuers of Shares and GDRs (PS21-23) and one for Asset Managers and Asset Owners (PS21-24). The FCA introduced climate-related disclosure requirements in December 2020, through a Listing Rule for premium listed commercial companies referencing the TCFD’s recommendations. PS21-23 extends the application of [...]
The FCA issues a Policy Statement to implement the prudential regime applicable to Investment Firms (the IFPR). The regime will apply to many UK registered firms: any MiFID investment firm authorised and regulated by the FCA that is currently subject to any part of the Capital Requirements Directive (CRD) and the Capital Requirements Regulation (CRR) [...]
FCA, a UK regulator, publishes its "strategy for positive change"focused on ESG, through a dedicated webpage with a lot of useful information. A useful summary is their timeline for the key workstreams in 2022. Access to the FCA ESG Priorities website: https://www.fca.org.uk/publications/corporate-documents/strategy-positive-change-our-esg-priorities#lf-chapter-id-our-esg-strategy-our-business-plan-commitments Access to the 2022 timeline: https://www.fca.org.uk/publication/fca/esg-strategy-upcoming-milestones.pdf
The FCA Policy Statement specifies (and modifies) the derivatives clearing obligation in line with Article 5 of UK EMIR. FCA link: https://www.fca.org.uk/publications/policy-statements/ps21-13-libor-transition-and-derivatives-trading-obligation
The FCA published new proposed decisions on whether and how to: permit legacy use of 1 month, 3 month and 6 month sterling and 1 month, 3 month and 6 month yen LIBOR from 1 January 2022 (see Chapter 3) prohibit new use of overnight, 1 month, 3 month, 6 month and 12 month US dollar LIBOR [...]
30/09/2021 Consultation proposing amendments (via RTS - Regulatory Technical Standards) to address the lack of clarity on the PRIIPs scope, misleading performance scenarios and summary risk indicators, and address concerns with elements of the transaction costs calculation methodology. See the FCA consultation document here - https://www.fca.org.uk/publication/consultation/cp21-23.pdf
14/09/2021 Deadline for feedback on the FCA consultation, which follows on from the UK Listing Review and discusses the functioning of the listing regime and changes to remove barriers to listing. See the FCA consultation document here - https://www.fca.org.uk/publication/consultation/cp21-21.pdf
10/09/2021 The following two documents were published by the FCA in June 2021, opening a consultation period of three months which closed on September, 10th. CP21/17 - Enhancing climate-related disclosures by asset managers, life insurers and FCA-regulated pension providers CP21/18 – Enhancing climate-related disclosures by standard listed companies and seeking views on ESG topics in [...]
09/09/2021 The FCA took action to contact all the firms (banks mainly) involved in the Trade Finance business, in order to remind them of their duties to perform thorough risks analysis in two domains: credit risk and financial crime controls. This comes on the back of high-profile failures of commodity and trade finance firms, which [...]
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