04/04/2023
PRA Regulatory Digest - March 2023
The PRA Regulatory Digest is for people working in the UK financial services industry and highlights key regulatory news and publications delivered for the month.
Legal, Regulation & Compliance
04/04/2023
Outlook for the euro area economy and financial stability
Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the 34th edition of “The outlook for the economy and finance”, organized by the European House – Ambrosetti
04/04/2023
Edinburgh Reforms: HM Treasury and the UK regulators launch the review of the SMCR
HM Treasury indicates in the Call for Evidence that these are topics selected on the back of feedback from the industry and various reviews.
04/04/2023
PRA censures Wyelands Bank Plc for breaching Large Exposure limits and failings in its governance, controls and risk management
The PRA has censured Wyelands Bank Plc for wide-ranging significant regulatory failings between 21 December 2016 and 28 May 2020
04/03/2023
Swiss remain calm as Europe rages over retrocessions
Citywire has drawn views from its editorial teams in Switzerland, France, Spain, Italy, and Germany to understand how this subject is perceived within the EU.
04/03/2023
Swiss prosecutor probes UBS takeover of Credit Suisse
Brokered by regulators
04/03/2023
No firms charged with ‘failure to prevent’ tax evasion in 6 years – here’s why
The HMRC spokesperson claimed the 2017 laws had already achieved “success” in driving a “corporate culture shift towards anti-tax evasion awareness and procedures”.
03/31/2023
The application of the derivatives trading obligation to certain credit default swaps
The list of CDS subject to the derivatives trading obligation can be found on our register.
03/31/2023
Bank of England: Depositor Protection
It also contains the PRA’s final rules concerning the relevant amendments to the Depositor Protection Part of the PRA Rulebook (Appendix: Annex A).
03/31/2023
FSCS reverses firm's default after error
A declaration of default happens when the FSCS is satisfied the firm cannot meet eligible claims made against it.
03/30/2023
FCA updates on its Sustainability Disclosure Requirements and investment labels consultation
Consumers are at the heart of our proposals for SDR and investment labels.
03/30/2023
Climate change: Paris Agreement extended to Isle of Man
The move means the Isle of Man’s climate action will contribute to the UK’s commitment to reduce its emissions by at least 68% on 1990 levels, by 2030.
03/30/2023
NSM opens London office
The London office team of Chris Bond, James Sermon and Chloe Harris will be supported by the head office in Guernsey.
03/30/2023
FCA's update highlights important sticking points of SDR
It is also vital that time is taken to make these final policies clear, concise and not allow them to lead to further confusion.
03/30/2023
ECB rates will need to rise but possibly at a slower pace - policymakers
If the financial stress we see is non-zero, but turns out to be still fairly limited, interest rates will still need to go up.
03/30/2023
Eight CCUS projects progress to UK negotiations
A further round of funding via the HPBM and NZHF is to open later this year.
03/29/2023
EBA publishes new set of indicators to identify potential causes of consumer harm
These indicators cover the banking products in the EBA’s consumer protection scope, and include mortgage credit, consumer credit, deposits, payment accounts and payment services.
03/29/2023
Global action to enhance cross-border payments − remarks by Victoria Cleland
Given at The Silk Road Cash & Payments Conference
03/28/2023
Addleshaw Goddard: Financial Services & Banking News
The Bill will now move to the report stage for further scrutiny; a date is yet to be scheduled.
03/28/2023
UK makes it easier for smaller companies to offer share incentives
The government has removed the requirement for the company to set out within the option agreement the details of any restrictions on the shares to be acquired under the EMI option.