The UK FRC reviewed the reporting provided by UK premium listed companies (100 randomly selected firms from the FTSE 350 and Small Cap listing). One conclusion from this report is that many areas can be improved, out of which the same issues are persisting from last year without being addressed... Even if climate and environmental [...]
Post Brexit, the UK wants to "renew [its] position as the world’s pre-eminent financial centre". This consultation follows a previous one (in October 2020). It include changes to the regulators’ statutory objectives and enhanced mechanisms for accountability, scrutiny and oversight of the regulators by Parliament, HM Treasury and stakeholders. It also sets out how we [...]
The Bank of England (BoE) has today published a Consultation Paper and draft Statement of Policy on the Bank’s approach to ‘tiering’ non-UK central counterparties (CCPs) based on the level of systemic risk they could pose to UK financial stability. Currently non-UK CCPs can provide services in the UK under a temporary recognition regime. In [...]
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
UK Regulators (Bank of England, PRA, FCA) released an update of their regulatory Initiatives Grid. A high level timeline is provided in page 4: The Grid can be found here: https://www.fca.org.uk/publication/corporate/regulatory-intitiatives-grid-november-2021.pdf
UK Regulators (PRA, FCA, Pensions Regulator) published their Climate Change Adaptation reports, just in time for COP 26... The PRA document can be found here: https://www.bankofengland.co.uk/prudential-regulation/publication/2021/october/climate-change-adaptation-report-2021 The FCA document can be found here: https://www.fca.org.uk/publication/corporate/fca-climate-change-adaptation-report.pdf The Pensions Regulator text: https://www.thepensionsregulator.gov.uk/en/document-library/corporate-information/climate-change-and-environment/climate-adaptation-report
As part of the UK Government publication of various documents on the Build Back Better strategy, Build Back Greener elaborates on the 10 Points Plan for a Green Industrial Revolution and details the strategy for Net Zero in the UK by 2050, by economic sector. The UK Net Zero Strategy - Build Back Greener [...]
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 Bank of England publishes its latest survey on systemic risks (a biannual exercise). The survey is not the Bank's view but the result of feedback received from market participants treasurers and management executives. A most interesting result is the nature of the most quoted risk categories: Cyber-attack (cited by 74% of respondents). Geopolitical risk [...]
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 [...]
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