In this speech of 22 April 2022, Nathanaël Benjamin discusses aspects of the private equity sector, including concerns over the dynamics of the sector with regard to its “opacity, complexity, and interconnectedness”.

FCA has published its update on its approach to AI following the Government’s publication of its pro-innovation strategy in February 2024.  It sets out what the regulator has done so far and plans for the next 12 months.

FCA is looking for expressions of interest from market participants to join its advisory committee as it is expanding its membership to 25. 

In this speech of 22 April 2024, Nikhil Rathi announces FCA’s plans to examine how Big Tech firms’ unique access to large sets of data could unlock better products, more competitive prices and wider choice for consumers and businesses.  Alongside the speech, FCA has published its feedback statement to its call for input on data sharing between Big Tech and financial services firms which sets out three key issues identified and steps FCA intends to take to address them.

MEPs have adopted a proposal for a harmonised framework to be established for the access of customer data processed by financial institutions across the financial sector beyond payment account data.  It is proposed that EBA establishes a register of authorised financial information service providers, as well as financial data access schemes agreed between data holders and data users.

MEPs have adopted a proposal for the first stage of a European Deposit Insurance Scheme, operating as a liquidity scheme and providing loans to participating deposit insurance schemes.

BoE has published a note on the stress test, which will focus on two analytical components: the credit stress test and the credit reverse stress test.  This year, the stress test will not include a liquidity stress test component or analysis of the impact on the UK CCPs’ clearing member population and their clients.  The tests will assess the sufficiency of CCPs’ financial resources to absorb losses under a combination of BoE’s prescribed market stress scenario(s) and the simultaneous default of selected clearing member groups. and CCPs’ resilience to increasingly severe scenarios and assumptions, in order to identify potential combinations that might deplete CCPs’ prefunded and non-prefunded financial resources.

JROC has published proposals for the future open banking entity which asks stakeholders to comment on the future entity’s recommended structure, governance and funding for both its interim and longer-term model.  Responses are required by 20 May 2024.

This HoC research briefing includes sections on cybersecurity in the financial services sector and the role of cryptocurrencies.

The ESAs have published a consultation which sets out the criteria for determining the composition of the joint examination teams in order to ensure a balanced participation of staff members from the ESAs and from the relevant competent authorities.  Responses are required by 18 May 2024.