On 6 February 2025, HM Treasury published an implementation plan for the UK’s transition from T+2 to T+1 securities settlement, produced by the Accelerated Settlement Taskforce (AST) Technical Group.
Background
The AST was created to explore the potential for faster settlement of securities trades in the UK. It published its report in March 2024,…
The US government announced that it continues to pause mandatory beneficial ownership information filing requirements with the Financial Crimes Enforcement Network, despite the Supreme Court of the United States granting the government’s motion to stay a nationwide injunction issued by a Texas federal judge. Read our alert here.
As artificial intelligence continues to drive business innovation, more companies are not only developing AI tools but also increasingly applying these technologies in their operations, including relying on third party vendors or through acquisitions. Read our alert here.
On 7 February 2025, the Financial Conduct Authority (FCA) published a webpage providing its analysis and insights on the financial promotions data collected from 1 January 2024 to 31 December 2024,
The data covers action taken against authorised firms breaching financial promotion rules and referrals and investigations into unregulated activity.
Key messages include:
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On 6 February 2025, the European Commission issued a consultation on a draft Delegated Regulation amending Commission Delegated Regulation (EU) 2022/803 by specifying rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities Markets Authority regarding data reporting service providers.
Article 1 of the draft…
On 7 February 2025, the European Securities and Markets Authority (ESMA) issued consultation papers on the following:
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On 6 February 2025, the European Banking Authority (EBA) issued a report on the short/medium term objectives of the action plan outlined in its interest rate risk in the banking book (IRRBB) heatmap.
The report:
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On 6 February 2025, the European Commission published the keynote address of Commissioner Albuquerque at the ESMA Conference.
The title of the address is Shaping a prosperous future for Europe: The Savings and Investments Union.
In the address Commissioner Albuquerque discusses the underlying drivers of the Savings and Investments Union. This includes empowering EU…
On 6 February 2025, there was published in the Official Journal of the EU, Decision (EU) 2025/222 of the European Central Bank of 27 January 2025 on access by non-bank payment service providers to Eurosystem central bank operated payment systems and central bank accounts. The Decision seeks to enhance the efficiency and smooth functioning of…
Introduction
The Hong Kong Securities and Futures Commission (SFC) announced on 16 January 2025 that new applicants for a virtual asset trading platform (VATP) licence will be subject to a revamped and expedited external assessment process.
Previous external assessment process
VATP licence applicants who had submitted their application on or before 18 December 2024 were…
