Events listed in Financial Services and Markets Act 2023
The Financial Services and Markets Act 2023 (Commencement No. 3) (Amendment) ...
ID 24741
On August 26, 2023, the Financial Services and Markets Act 2023 (Commencement No. 3) (Amendment) Regulations 2023 was published on legislation.gov.uk, the official UK website for publicizing legal documents. The regulations correct an error in the Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023 (SI 2023/779) which repealed numerous retained EU regulations and directives (REUL) on August 29, 2023 to path ...
The Financial Services and Markets Act 2023 (Commencement No. 2 and Transitional ...
ID 24719
The Financial Services and Markets Act 2023 (Commencement No. 2 and Transitional Provisions) Regulations 2023 were recently published on legislation.gov.uk, the official UK website for the publication of legal documents. **The regulations implement various provisions of the Financial Services and Markets Act 2023 as regards financial promotions, the powers of the Financial Conduct Authority (FCA), and regulatory oversight of both the FCA and the ...
Financial Services & Markets Act 2023 gives FCA new powers to protect access ...
ID 24674
The Financial Conduct Authority (FCA) has published a press statement primarily addressed at banks and building societies in connection with the FCA’s future approach to ensure access to cash deposit and withdrawal services by retail and business customers. In view of the changing payment landscape with nearly 85% of all payments being non-cash in 2021, but also the fact that cash payments remain essential ...
PEP letter: Request for information [pdf]
ID 24638
As per FCA’s Guideline „FG17/6: The treatment of politically exposed persons for anti-money laundering purposes“, the FCA will assess how „regulated firms are complying with their legal and regulatory obligations regarding the risk management and treatment of Politically Exposed Persons (PEPs)“. In June 2023, a letter from Baronness Penn has been sent to FCA’s Chief Executive Officer, Nikhil Rathi emphasising the importance of engaging ...
CP23/17: Rules relating to Securitisation
ID 24574
In context with the draft Statutory Instrument (Draft SI) that introduces a new regulatory framework for securitisation, intended to replace the existing EU Retained Securitisation Regulation (UK SR) and associated legislation (please see EventID#22190 for details) and the related proposed changes, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have coordinated their approach to the replacement of relevant provisions, ensuring coherence in ...
Ensuring continuity of critical clearing services: the Bank of England’s approach ...
ID 24529
**The Bank of England (BoE) has launched a new consultation on a proposed new Statement of Policy (SoP) – „Ensuring continuity of critical clearing services: the Bank of England’s approach to discretionary payments by central counterparties“ which would outline the Bank’s approach to give directions to recognized UK central counterparties (CCPs) that restrict or prohibit „discretionary payments“ (dividend payments, flexible remuneration, eq ...
Regulatory Initiatives Grid – Update from the co-chairs July 2023 [pdf]
ID 24241
The Regulatory Initiatives Forum has published a statement providing an update on the Regulatory Initiatives Grid which is typically published semi-annually to keep firms informed of major ongoing regulatory initiatives. The latest publications have been somewhat delayed due to the introduction of the Financial Services and Markets Act 2023 (FSMA 2023) which entirely revamps the financial services regulatory landscape in UK. Below is a ...
Secondary international competitiveness and growth objective statement [pdf]
ID 24226
The new Financial Services and Markets Act 2023, which was enacted on June 29, 2023, introduced significant changes to the regulatory framework for financial services in the UK. One of these changes is that the Act assigns a secondary objective to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), which is to promote the international competitiveness of the UK financial market ...
Primary multilateral trading facilities – Engagement Paper 6
ID 24208
The Financial Conduct Authority (FCA) has published a so-called Engagement Paper in which the FCA seeks comments on prospectus and admission for trading requirements in relation to primary Multilateral Trading Facilities (MTF) under the new public offers and admission to trading regime (please see EventID 22209 in this context for more information on primary MTFs and the new (upcoming) regime). The engagement paper is ...
The public offer platform – Engagement Paper 5
ID 24207
The Financial Conduct Authority (FCA) has published another so-called Engagement Paper in which the FCA seeks comments on the requirements of Public Offer Platforms which will be new entities allowed to facilitate the public offering of securities (besides trading venues) (please see EventID 22209 in this context for more information). Public Offer Platforms would primarily, but not exclusively, be platforms offering „crowdfunding“ services. The ...