On 8 October 2024, the Financial Conduct Authority (FCA) published a speech by its chief executive Nikhil Rathi on “predictable volatility”, delivered at the FCA International Capital Markets Conference 2024.
The speech flags that we are living in an era of predictable volatility but that we must now expect to face it as a constant.…
On 8 October 2024, the Prudential Regulation Authority (PRA) published Consultation Paper 12/24 ‘Resolution assessments: Amendments to reporting and disclosure dates’ (CP12/24).
Existing rules
The existing PRA rules provide that each firm to which the Resolution Assessment Part of the PRA Rulebook applies is required to carry out an assessment of its preparations for resolution…
On 7 October 2024, the draft Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment) Regulations 2024 (the draft Regulations) were published on legislation.gov.uk, along with a draft explanatory memorandum.
The draft Regulations make two changes:
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On 7 October 2024, the draft Securitisation (Amendment) (No. 2) Regulations 2024 (the draft Regulations) were published on legislation.gov.uk, along with a draft explanatory memorandum.
The draft Regulations extend a temporary arrangement granting preferential prudential treatment for EU-origin Simple, Transparent, and Standardised (STS) securitisations. UK investors, where they are subject to prudential regulation, currently…
On 7 October 2024, the draft Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024 (the draft Regulations) were published on legislation.gov.uk, along with a draft explanatory memorandum.
The Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation is part of assimilated law that was transferred into UK law in 2018. The Regulation…
On 7 October 2024, the Financial Markets Standards Board (FMSB) issued a transparency draft of an updated version of its statement of good practice (SoGP) for front office supervision of wholesale traded markets.
The SoGP is intended to help firms in their efforts to design and operate effective supervision frameworks for market and client-facing activity…
On 7 October 2024, the Joint Committee of the European Supervisory Authorities (ESAs) issued its work programme for 2025.
Among other things the work programme notes that the ESAs will focus on:
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On 7 October 2024, HM Treasury (HMT) issued a policy statement on the prudential treatment of overseas exchanges and the process by which they meet the definition of ‘recognised exchanges’ under the Capital Requirements Regulation (CRR).
Earlier consultation
The policy statement follows an earlier consultation in which HMT asked for views on changes that could…
On 7 October 2024, the European Securities and Markets Authority (ESMA) issued its first EU carbon markets report.
The report provides details and insights into the functioning of the EU Emissions Trading System (EU ETS) market.
It has four key sections covering prices and volatility, auctions, secondary markets trading and derivatives market positions.
Key…
From 2 October 2024, trustees and custodians of collective investment schemes (CIS) operating in Hong Kong and authorised by the Securities and Futures Commission (SFC) for retail distribution must be licenced or registered to carry on the new Type 13 regulated activity (RA13) of “providing depository services for a relevant CIS” (Depositaries). Nineteen Depositories…
