Events listed in information
Consumer Investments Strategy – 2 Year Update
ID 26143
Two years after developing its new „Consumer Investments Strategy“ which seeks to enhance investor protection in various ways and one year after the first update (see eventid=17901), the Financial Conduct Authority (FCA) has published another follow-up report in this context. Specifically, the FCA summarizes the key accomplishments in terms of regulatory enhancements for the purpose of investor protection during the past year, outlines upcoming ...
Solvency II Review – considerations for year-end 2023
ID 26142
The released statement relates to HMT and PRA’s Solvency II reforms to be implemented until the end of 2023 on the reporting and technical measures. Main topics discussed were: – removal of the requirement to submit RSR (put in place starting 31 December 2023) – see eventid=22007 – removal of regulatory returns reporting on certain products, such as structured products or derivative transactions (among ...
Financial Company Executives to be Subject to Enhanced Internal Control Management ...
ID 26141
The FSC announced that „a revision bill of the Act on Corporate Governance of Financial Companies was passed by the National Assembly on 8 December 2023. The revision requires financial companies to assign a responsibilities map for each executive officer in his or her line of work and revamps the ways in which executive members’ internal control management duties are examined“. The **revision aims ...
ESMA publishes an update to the ESEF XBRL taxonomy 2022 files and the ESEF ...
ID 26127
ESMA has released an update to the ESEF XBRL taxonomy 2022 files and the ESEF Conformance Suite 2023, supporting the implementation of the ESEF Regulation. The revision includes minor corrections to enhance usability and updates to Conformance Suite test fields, specifically designed to aid the integration of the updated ESEF Reporting Manual (eventid=22957) into software used by preparers for creating their ESEF report package. ...
Korea: Corrigendum to Council Regulation (EU) 2017/1509 concerning restrictive ...
ID 26118
A Corrigendum to Council Regulation (EU) 2017/1509 implementing trade restrictions and asset freezing measures in view of activities supporting the production and use of weapons of mass destruction in the Democratic People’s Republic of Korea (DPRK) was published in the Official Journal (OJ) of the EU. The Corrigendum modifies Annex XIII of the 2017 Regulation setting out a list of persons, entities, and bodies ...
Singapore and China Enhance Digital Finance and Capital Markets Cooperation
ID 26115
The Monetary Authority of Singapore (MAS) has issued a press release in which it informs of a series of strategic initiatives aimed at deepening cooperation in digital finance and capital markets with China. These initiatives were deliberated upon during the 19th Joint Council for Bilateral Cooperation meeting, co-chaired by Singapore’s Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, and China’s Executive Vice ...
Financial Stability Report – December 2023
ID 26112
The Financial Policy Committee (FPC) of the Bank of England (BoE) has published its latest financial stability report. Besides providing an update on the impact of higher interest rates on households and businesses, BoE stresses the following topics relevant in 2023: 1. Crypto-assets market At the moment, the risks of unregulated crypto-assets is not a threat however global and local policies and regulations are ...
FCA publishes update on the cash savings market
ID 26103
Following the issuance of a 14-point action plan as regards the practices of banks and building societies concerning the (low) interest rates they are paying on saving accounts (EventID 22488), the Financial Conduct Authority has published an update in this matter. Fortunately, the FCA has observed a trend towards passing on the high(er) UK base interest rate to consumers and encouraging savers to switch ...
Nałożenie kary pieniężnej na Partner TUiR SA
ID 26100
KNF has imposed a fine on Partner Towarzystwo Ubezpieczeń i Reasekuracji SA in the amount of PLN 30.000 for the following: – failure to submit end-of-year and solvency and financial condition reports (SFCR) to KNF for 2020 within 14 weeks of year-end – failure to disclose the financial condition report (SFCR) to KNF for 2020 within 14 weeks of year-end – failure to implement ...
Progress on financial services legislative files
ID 26099
The Economic and Financial Affairs Council (ECOFIN) has published a revised version of its document containing „information from the Presidency concerning the state of play of legislative proposals in the field of financial services“ of 8 December 2023. It distinguishes different colour-coded stages of each file. The changes from the previous version are as follows: 1. The Council „adopted„ the final draft of the ...