EBA has published draft amending implementing technical standards on joint decision process for internal models authorisation under Article 20(8) of CRR.

Further to its December 2024 consultation, FSB has now published responses, which may be downloaded individually via the following link.

Text of this speech, given on 12 March 2024, follows in which Sir Geoffrey Vos discusses the work of the UK Jurisdiction Taskforce, including its new project work on control in relation to third category digital assets, liability for harms caused by AI, and the formation of an International Jurisdiction Taskforce.

ESMA and BoE have signed a revised MoU on cooperation and information exchange concerning the three CCPs recognised under EMIR.  ESMA has also announced its decision to temporarily extend the application of the recognition decisions under Article 25 of EMIR until 30 June 2028.  BoE has welcomed the decision.

HMT’s wide-ranging policy document includes announcements regarding financial services  The Economic Secretary has been asked to examine whether FOS, as it stands today, is delivering its role and will focus, in particular, on a range of points that have been raised as part of the Government’s consultation on the growth and competitiveness strategy.  This will include addressing concerns around the following: whether the framework in which FOS operates which has resulted in it acting, at times, as a quasi-regulator. whether FOS is applying today’s standards to actions that have taken place in the past, and will consider the practices that have grown up over time on compensation.  This work is expected to conclude by the summer and the Government stands ready to legislate. HMT will work with the regulators, the Office for Investment and the City of London Corporation, and the Government will establish a concierge service that enhances the attractiveness of the UK as a destination for global financial services, by making it easier for firms to navigate the UK regulatory landscape and broader barriers to entry. HMT intends to introduce a package of measures to enable FCA to support early-stage innovative firms to start conducting regulated activities, including more dedicated support, issuing “minded to approve” notices to support fundraising, and considering whether the legislative framework can be updated to allow relevant firms to conduct limited regulated activities with streamlined conditions.

Following an incident affecting TARGET services in February 2025, ESMA has published a statement which clarifies that national competent authorities do not expect CSDs to apply cash penalties in relation to settlement fails for those particular dates.

The Law Commission has been asked by HMT to review the legal framework governing friendly societies and has published a consultation paper.  Amongst other matters, it consults on: how the law can be modernised for friendly societies; how legacy assets should be protected and the demutualisation of friendly societies disincentivised; how transfers of business engagements could be made simpler, more efficient and more cost-effective; whether and how the challenges associated with permitting friendly societies to raise capital in new ways could be addressed; and whether it would be appropriate to remove some of the restrictions on the types of business that friendly societies can undertake.  Responses are required by 11 June 2025.

The following have been published in the Official Journal: (i) Commission Delegated Regulation (EU) 2025/416 of 29 November 2024 supplementing MiCAR with regard to regulatory technical standards specifying the content and format of order book records for cryptoasset service providers operating a trading platform for cryptoassets; (ii) Commission Delegated Regulation (EU) 2025/417 of 28 November 2024 supplementing MiCAR with regard to regulatory technical standards specifying the manner in which crypto-asset service providers operating a trading platform for crypto-assets are to present transparency data.

EBA is consulting on draft regulatory technical standards on the threshold of activity at which CSDs providing banking-type ancillary services need to meet certain prudential risk management requirements set out in CSDR. The aim of this work is to allow CSDs to do more settlement of foreign currency in commercial bank money without increasing the risk in CSDs or the overall financial system.  Responses are required by 16 June 2025.

Regulation 2 commences certain provisions in Parts 1 and 2 of the Act. Regulation 3 brings measures creating a new offence of failing to prevent fraud fully into force in all of the United Kingdom. Regulation 4 amends the third set of commencement regulations which failed to comply with the requirement that guidance must be published before regulations bringing s199 of the Act into force are made. Regulation 5 replaces references in certain regulations to the commencement of a provision with a reference to the actual date on which the provision came into force.  (Dates in force: 18 March/1 September 2025)