Events listed in Financial Services and Markets Act 2023
The Financial Services and Markets Act 2023 (Resolution of Central Counterparties: ...
ID 25729
The new Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Calculation of Maximum Amounts for Cash Calls and Use of Specified Funds) Regulations 2023 were published on legislation.gov.uk, the online platform of the UK government for publicizing legal documents. The regulations relate to resolution instruments that the Bank of England (BoE) may apply in situations where a central counterparty is failing or ...
Clearing in the 2020s: the Bank of England’s approach to policy reform and ...
ID 25692
Sasha Mills, the Executive Director of the Financial Market Infrastructure, gave a speech on the FSMA 2023 and how it will shape UK’s clearing industry. BoE has a long history of shaping financial regulations, including EU legislations, and supervising CCPs and CSDs. She underlines the following points: – BoE’s strong supervision of stress tests of CCPs, which resulted in high resilience to scenarios – ...
Smarter regulation and the regulatory landscape
ID 25350
In view of the ongoing regulatory changes in the UK to replace retained EU-legislation (REUL) and the efforts of the UK government to make smarter, proportionate regulation to bring about economic growth and international competitiveness of the UK (financial market), the Department for Business and Trade has launched a call for evidence. The call for evidence follows the publication of a position paper in ...
Addendum to CP23/17: Rules relating to Securitisation [pdf]
ID 25337
In view of the ongoing consultation (CP23/17) as regards new FCA securitization rules to replace firm-facing provisions in current retained EU legislation (REUL) for securitizations (please see EventID 22589 in this context), the Financial Conduct Authority (FCA) has published a related **addendum. The addendum corrects some of the proposed new provisions in relation to the application of due diligence requirements and the delegation of ...
Joint statement by Riksbank and Bank of England on continuity of the effective ...
ID 25050
The Riksbank and the Bank of England (BoE), both Central Banks of their respective countries, have published a joint statement in which they re-committed to effective cooperation as regards the oversight of London Clearing House Limited (LCH), a London-based clearing house which is no longer subject to EU oversight since the UK left the Union. The BoE, as the supervisor of central counterparties (CCPs) ...
Joint Statement by Riksbank and Bank of England on continuity of the effective ...
ID 25048
The Riksbank and the Bank of England (BoE), both Central Banks of their respective countries, have published a joint statement in which they committed to effective cooperation as regards the oversight of London Clearing House Limited (LCH), a London-based clearing house which is no longer subject to EU oversight since the UK left the Union. The BoE, as the supervisor of central counterparties (CCPs) ...
The Registered Pension Schemes (Authorised Member Payments) Regulations 2023
ID 24973
In view of the coming into force of the Financial Services and Markets Act 2023 and subsequent rules made by the Prudential Regulation Authority (PRA) pertaining to the write-down of insurance liabilities in insurance debt or policies in case of financial difficulties of insurance companies (EventID 22996), the Registered Pension Schemes (Authorised Member Payments) Regulations 2023 was published on legislation.gov.uk, the official journal of ...
The post-Brexit Handbook: a collective opportunity
ID 24928
In view of the recent passage of the Financial Services and Markets Act 2023, Greg Sachrajda, Co-Director of the FCA’s Cross-Cutting Policy and Strategy at Supervision, Policy, and Competition division, has published a press statement to inform of the FCA’s approach to transpose the objectives and mandates of the Act into changes to the FCA Handbook. The Director thereby notes the following: The Act ...
PS23/13: Introducing a gateway for firms who approve financial promotions
ID 24914
Following a corresponding consultation in 2022 (EventID 18831), the Financial Conduct Authority, FCA, has published its final policy statement (PS23/13) as regards its approach for the approval of firms that in turn approve financial promotions, including financial promotions on investments, and as regards of the notification and reporting requirements of FCA approved firms. Also, the policy statement sets out the final fees that firms ...
New screening checks required to approve financial adverts
ID 24902
In view of the issuance of its final policy statement (PS23/13) as regards the approval of firms that seek to approve financial promotions of unauthorized firms (EventID 22984), the FCA has published an additional press statement. In it, the regulator outlines the key objective of the new requirements, reemphasizes the application deadline, and provides information as to the reasoning of the FCA to introduce ...