690 results for
  • ESMA: Benchmarks Regulation

    18/12/2023
    ESMA has updated its Q&A document.

    ESMA has updated its Q&A document.

    Support Information:
    https://www.esma.europa.eu/sites/default/files/library/esma70-145-114_qas_on_bmr.pdf
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  • ESMA: Sanctions imposed under the Benchmarks Regulation

    13/12/2023
    ESMA’s report on sanctions imposed under the Benchmarks Regulation in 2022 notes that one administrative sanction and one administrative measure were imposed on, respectively, a supervised entity...

    ESMA’s report on sanctions imposed under the Benchmarks Regulation in 2022 notes that one administrative sanction and one administrative measure were imposed on, respectively, a supervised entity (user of benchmarks) and a supervised contributor by two national competent authorities for two infringements of the Benchmarks Regulation.  No criminal sanctions were imposed in 2022.

    Support Information:
    https://www.esma.europa.eu/sites/default/files/2023-12/ESMA81-168987738-671_BMR_Sanctions_Report_2022.pdf
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  • ESMA: ESG disclosures under the Benchmarks Regulation

    13/12/2023
    ESMA has announced the launch of a common supervisory action with national competent authorities on ESG disclosures under the Benchmarks Regulation.

    ESMA has announced the launch of a common supervisory action with national competent authorities on ESG disclosures under the Benchmarks Regulation.

    Support Information:
    https://www.esma.europa.eu/press-news/esma-news/esma-launch-and-participate-common-supervisory-action-esg-disclosures
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  • The Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023 (Draft)

    23/11/2023
    Regulation 2 reintroduces a “discount factor” which was unintentionally removed from CRR in both the UK and the EU.  Regulation 3 amends the Benchmarks Regulation to extend the transitional...

    Regulation 2 reintroduces a “discount factor” which was unintentionally removed from CRR in both the UK and the EU.  Regulation 3 amends the Benchmarks Regulation to extend the transitional period for the third country benchmarks regime from 31 December 2025 to 31 December 2030.

    Support Information:
    https://www.legislation.gov.uk/ukdsi/2023/9780348253313/contents
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  • HMT: Extending the transitional period for third country benchmarks in the UK

    07/11/2023
    HMT has published a statement to explain the Government’s rationale for extending the transitional period for third country benchmarks under the UK Benchmarks Regulation to 31 December 2030. ...

    HMT has published a statement to explain the Government’s rationale for extending the transitional period for third country benchmarks under the UK Benchmarks Regulation to 31 December 2030.  A draft SI (The Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023) has also been published – second link below.

    Support Information:
    https://www.gov.uk/government/publications/extending-the-transitional-period-for-third-country-benchmarks-in-the-uk/extending-the-transitional-period-for-third-country-benchmarks-under-the-uk-benchmarks-regulation
    https://www.legislation.gov.uk/ukdsi/2023/9780348253313/contents
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  • FCA: Annual Public Meeting

    26/10/2023
    FCA has now published a transcript of the meeting held in October 2023.  Topics include: the Consumer Duty; investment scams; insurance and leaseholders; motor insurance; complaints handling; FSCS...

    FCA has now published a transcript of the meeting held in October 2023.  Topics include: the Consumer Duty; investment scams; insurance and leaseholders; motor insurance; complaints handling; FSCS and compensation; whistleblowers; the transparency of FCA; regulatory capture; FCA and AI; LIBOR; FCA and the forthcoming NAO study; the marketing of equity release products; fair value on retail savings; financial promotions.

    Support Information:
    https://www.fca.org.uk/publication/transcripts/transcript-apm-2023.pdf
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  • EC: Delegated Regulation – Benchmarks Regulation

    23/10/2023
    Commission Delegated Regulation (EU) 2023/2222 of 14 July 2023 extending the transitional period laid down for third-country benchmarks in Article 51(5) of the Benchmarks Regulation has been published...

    Commission Delegated Regulation (EU) 2023/2222 of 14 July 2023 extending the transitional period laid down for third-country benchmarks in Article 51(5) of the Benchmarks Regulation has been published in the Official Journal.

    Support Information:
    https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L_202302222
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  • FCA: Portfolio letter to wholesale banks

    08/09/2023
    FCA has published the text of a letter sent to the CEOs of wholesale banks.  The letter describes the regulator’s areas of supervisory focus over the next two years, including: the external...

    FCA has published the text of a letter sent to the CEOs of wholesale banks.  The letter describes the regulator’s areas of supervisory focus over the next two years, including: the external environment; risk management; control risks; operational resilience; organisational changes; LIBOR transition; the Consumer Duty; ESG; AI; and non-financial misconduct.  FCA expects all CEOs to have discussed this letter with their fellow directors and/or Board and to have agreed actions and/or next steps within two months.

    Support Information:
    https://www.fca.org.uk/publication/correspondence/portfolio-letter-wholesale-bankining-sector-portfolio-analysis.pdf
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  • BoE: Speech by Arif Merali: The end of the (LIBOR) world as we know it

    06/09/2023
    A transition panel discussion was held on 6 September 2023 in which Arif Merali responded to questions.  BoE has published the transcript.  Specific topics include lessons learned from the LIBOR...

    A transition panel discussion was held on 6 September 2023 in which Arif Merali responded to questions.  BoE has published the transcript.  Specific topics include lessons learned from the LIBOR transition and the review of markets in relation to benchmarks.

    Support Information:
    https://www.bankofengland.co.uk/speech/2023/september/arif-merali-remarks-from-industry-panel-on-libor-transition
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  • FCA: MS23/1.4: Wholesale data market study – update report

    31/08/2023
    FCA has published a progress report which proposes, at this stage, not to refer to any of the three markets covered by the study to CMA.  FCA is inviting comment from stakeholders on its decision,...

    FCA has published a progress report which proposes, at this stage, not to refer to any of the three markets covered by the study to CMA.  FCA is inviting comment from stakeholders on its decision, to be received by 29 September 2023.  The report also provides an update on the progress of the study, including emerging themes and issues that the regulator is seeing. 

    Support Information:
    https://www.fca.org.uk/news/news-stories/update-fcas-wholesale-data-market-study
    https://www.fca.org.uk/publication/market-studies/ms23-1-4.pdf
    https://www.fca.org.uk/publication/market-studies/ms23-1-3.pdf
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