This application paper focuses on the customer-facing aspects of insurance provision. It guides supervisors, insurers and intermediaries on a DEI perspective to interpret and fulfil existing requirements of Insurance Core Principle (ICP) 19 (Conduct of Business) so that fair treatment is achieved for diverse consumers.  Responses are required by 25 September 2024.

The following has been published in the Official Journal: Commission Delegated Regulation (EU) 2024/1780 of 13 March 2024 supplementing CRR with regard to regulatory technical standards specifying the conditions under which institutions are allowed to calculate KIRB in relation to the underlying exposures of a securitisation transaction.

The following has been published in the Official Journal: Commission Delegated Regulation (EU) 2024/1771 of 13 March 2024 on supplementing IFR with regard to regulatory technical standards specifying the details of the scope and methods for prudential consolidation of an investment firm group.

Text of Mairead McGuinness’ speech of 25 June 2024 follows in which she discusses aspects of the Banking Union.

BIS has published this chapter from the full Annual Economic Report 2024 (to be released on 30 June) which discusses the benefits and challenges for central banks of the latest AI technology. 

The following have been published in the Official Journal: (i) Commission Delegated Regulation (EU) 2024/1772 of 13 March 2024 supplementing DORA with regard to regulatory technical standards specifying the criteria for the classification of ICT-related incidents and cyber threats, setting out materiality thresholds and specifying the details of reports of major incidents; (ii) Commission Delegated Regulation (EU) 2024/1773 of 13 March 2024 supplementing DORA with regard to regulatory technical standards specifying the detailed content of the policy regarding contractual arrangements on the use of ICT services supporting critical or important functions provided by ICT third-party service providers; (iii) Commission Delegated Regulation (EU) 2024/1774 of 13 March 2024 supplementing DORA with regard to regulatory technical standards specifying ICT risk management tools, methods, processes, and policies and the simplified ICT risk management framework.

The following has been published in the Official Journal: Commission Delegated Decision (EU) 2024/1763 of 14 March 2024 on the renewal of the determination that the solvency regime in force in the United States applicable to undertaking with their head office in that third country is provisionally equivalent to that laid down in Title I, Chapter VI of Solvency II.

EBA has published its final draft amending regulatory technical standards on the standardised approach for counterparty credit risk.

FCA has appointed the members of its advisory committee on secondary markets for the period June 2024 to June 2026.

The complainant believed that FCA has been grossly negligent in not fulfilling its mandated legal obligations under the MLRs (Regulations 46 and 17), by not requiring banks to inform their customers in a constructive manner that receiving payment into their bank account for a third-party may be money laundering.  The Complaints Commissioner invited FCA to investigate the complaint.  FCA’s response stated that Regulations 17 and 46 of the MLRs do not contain an explicit requirement for banks to tell customers about the risks of money mules, nor do they require the FCA to make rules requiring firms to do this, or to supervise that firms are doing this.  FCA has considered if meeting its supervisory duties under Regulation 17 or Regulation 46 of the MLRs would allow it to introduce such an explicit requirement for firms to follow and concluded that this is not what was intended by Regulations 17 and 46.