HMT is proposing to revoke MiFID Org Reg assimilated law in the expectation that the rules will be included in PRA’s Rulebook.  PRA needs to restate the existing firm-facing requirements contained in MiFID Org Reg into the Rulebook before HMT’s commencement of the revocation of the MiFID Org Reg under FSMA 2023, otherwise risks could arise from gaps in the PRA’s ability to enforce key components of its systems and controls requirements.  PRA states that it is not proposing any new requirements on firms as part of the changes.  Responses are required by 23 June 2025.  PRA proposes that the im­ple­ment­a­tion date for the changes resulting from this CP would be H2 2025.

FCA has published this new webpage for international wholesale firms.  This includes details of the minimum standards for au­thor­isa­tion, explains when firms need to be authorised, and provides a Q&A covering various areas for firms to con­sider.

FCA has just published the results of the AI Sprint, held in January 2025.  The AI Sprint discussed the opportunities and challenges of AI in financial services, with 115 participants taking part from across industry, academia, regulators, technology providers and consumer representatives.  FCA has summarised feedback received alongside the responses to the AI Input Zone.  FCA is reviewing this feedback to consider how it can further support firms looking to adopt AI in a safe and responsible way and encourage beneficial innovation and growth.  A blog by FCA’s Head of Innovation Services accompanies the sum­mary.

FSB has now published the text of a letter sent by Klaas Knot to G20 leaders ahead of the G20 meeting held on 23-24 April 2025.  Topics discussed include: financial stability; di­git­al­isa­tion; cross-border payments; cli­mate-re­lated financial risks, and monitoring re­forms.

The EC has adopted a Delegated Regulation supplementing CRD with regard to regulatory technical standards specifying the general conditions for the functioning of supervisory colleges, and repealing Commission Delegated Regulation (EU) 2016/98.