On 28 March 2024, the Financial Action Task Force (FATF) published a table setting out the status of the implementation of Recommendation 15 by FATF members and other jurisdictions with the most materially important virtual asset service provider activity. The
International
Accelerated Settlement Taskforce’s report and government response
On 28 March 2024, there was published the Accelerated Settlement Taskforce’s report. The Taskforce was established as part of the Edinburgh Reforms and at its broadest its Terms of Reference ask what the case is for the UK moving…
BoE Consultation Paper: BoE’s Approach to Enforcement and Proposed Changes to Statements of Policy and Procedure following FSMA 2023
On 28 March 2024, the Bank of England (BoE) published a Consultation Paper (CP) on proposed changes to statements of policy and procedure following the Financial Services and Markets Act 2023 (FSMA 2023).
FSMA 2023 introduced several important updates to…
BoE and FCA response to phase two industry recommendations and future strategy
On 28 March 2024, the Bank of England (BoE) and Financial Conduct Authority (FCA) published a joint response to phase two industry recommendations and future strategy.
The BoE and the FCA are working together, and with industry, to improve the…
BoE statement on Payment Systems MoU
On 28 March 2024, the Bank of England (BoE) published a statement following the latest review of the joint-authority Memorandum of Understanding (MoU) between itself and the FCA, PRA and the Payment Systems Regulator. The statement provides that overall the…
E(U)xterritoriality of EU Sanctions: The No Russia Clause
The EU is going extraterritorial, and it is doing so through private contract. It is a pretty neat trick.…
FCA Consultation Paper on Regulatory Framework for Pensions Dashboard Service Firms Further Consultation
On 27 March 2024, the FCA published a Consultation Paper, CP24/4, setting out proposed guidance and changes to the regulatory framework for pensions dashboard service firms.
Background
Pensions dashboards will be digital interfaces which allow consumers to find their pensions…
BoE publication sets out FPC’s macroprudential approach to operational resilience
On 27 March 2024, the Bank of England (BoE) published ‘Financial Stability in Focus: The FPC’s macroprudential approach to operational resilience’. The Financial Stability in Focus publication sets out the Financial Policy Committee’s (FPC) view on specific topics related to…
FCA updates its webpage on fund tokenisation
On 27 March 2024, the Financial Conduct Authority (FCA) updated its webpage on fund tokenisation to add information on the Technology Working Group’s phase 2 report, published on 26 March 2024.
The FCA and HM Treasury are observers on the…
ESMA statement on the deprioritisation of supervisory actions on the EMIR clearing obligation for third-country pension scheme arrangements
On 27 March 2024, the European Securities and Markets Authority (ESMA) published a statement on deprioritising supervisory actions linked to the clearing obligation for third-country pension scheme arrangements (TC PSA), pending the finalisation of the review of the European Market…