Edric Jennings’ Post

🌟 Financial Regulations Weekly Update (International) 🌎 UNITED KINGDOM FCA: Review of oversight of ARs FCA publishes decisions against three individuals, fines and bans a fourth – pension transfer advice FCA: Quarterly CP on miscellaneous amendments to Handbook FCA speech: Listing rules and capital markets developments PSR: PS24/5, SD21 – mandatory reimbursement for CHAPS payments FCA's Annual Report and Accounts FCA: Reminder of LIBOR cessation FCA Executive Director discusses targeted and outcomes-based approach to tackling financial crime HMG: CfE – Pensions Investment Review HMT: Response to written question on travel insurance signposting rules for consumers with medical conditions FOS: Ombudsman News 194 SI: The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2024 Draft SI: Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 FCA: Follow-up report on UK payment accounts – access and closures FCA consults on guidance for UK EMIR trade repositories FOS: Fraud and scam complaints hit highest ever level PSR consults on maximum level of reimbursement proposal for APP scams FRCC issues BSPS update FCA: Skilled persons reports Q4 2023/24 Revocation of assimilated law regarding securitisation EUROPE EIOPA Chair discusses role of reinsurance in promoting healthy markets ECB speech: Nature-related risk ECB: Report – update on the work of the digital euro scheme’s RDG ECB speech on operational resilience ECB opinion on FIDA EC: Conclusions from the Climate Resilience Dialogue - insurance ESRB responds to ESMA consultation on liquidity management tools RTS and guidelines UNITED STATES NY Fed: Tokenization – innovating responsibly CFTC issues order against a firm for offering illegal digital asset derivatives trading CFTC: No-action letter – reporting and recordkeeping related to fully collateralized binary options SEC charges broker-dealer and two affiliates with violating whistleblower protection rule SEC charges advisory firm with custody rule and liability disclaimer violations SEC charges crypto-focused advisory firm with custody failures INTERNATIONAL FSB: The future of international financial architecture

⭐ Financial Regulation Weekly Update (UK EU & US) 🌎 UNITED KINGDOM PSR 'Dear CEO' letter to technology firms – upcoming publication of fraud enabler data CAT extends stay of three applications – motor finance DCAs FCA secures convictions against two individuals for investment fraud FCA: Market Watch 81 FCA PS24/15: Regulatory framework for PDS firms SI: The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024 – Pre- and post-trade transparency, systematic internalisers SI: The Insurance and Reinsurance Undertakings (Overseas Insurance Regime, Transitional Provisions, etc.) Regulations 2024 Lloyds of London and ABI FCA COO speech: Regulatory infrastructure to support economic growth and net zero transition Home Office: Guidance on failure to prevent fraud offence under the ECCTA 2023 SI: The Economic Crime and Corporate Transparency Act 2023 (Commencement No. 3) Regulations Draft SI: The Silicon Valley Bank UK Limited Compensation Scheme Order 2024 FCA charges three individuals and two firms with conducting unauthorised business FCA consults on payment optionality for fund managers FCA: PS24/1 – Improving transparency for bond and derivatives markets and discussion paper on the future of the SI regime FCA: Portfolio letter to SIPP operators FCA DP24/1: Reopened questions – regulation of commercial and bespoke insurance business FCA: Statement on Project Guardian’s first industry report on tokenisation FCA AI Sprint FSCP responds to FCA's review of requirements following the introduction of the Consumer Duty TSC: New inquiry on rules governing acceptance of physical cash EUROPE ECB consults on its approach to options and discretions available in EU law EIOPA writes to EC on proposal for better data sharing EIOPA: Prudential treatment of sustainability risks EBA: Supervision of NPE management by credit institutions ESAs: Oversight cooperation and information exchange under DORA EIOPA: Factsheet – overview of green investments in EU insurers’ portfolios SRB: Minimum bail-in data template (MBDT) Council: Solvency II and IRRD adopted UNITED STATES FDIC unveils online tool to promote creation of new minority banks  FDIC issues list of banks examined for CRA compliance CFTC customer advisory warns of potential dangers in messaging apps 

🌟 Financial Regulations Weekly Update (International) 🌎 UNITED KINGDOM PSR: Updated PPG – September 2024 PRA: ED, Prudential Policy, discusses 'strong and simple' framework FOS CEO and Chief Ombudsman discusses credit and debt complaints LSB comments on proposed reduction in APP scam reimbursement cap FPP: Response to CfI on big tech and digital wallets FCA CEO discusses financial inclusion as a driver of productivity and growth HMT and FCA announce plans to reform UK retail disclosure rules (PRIIPs) LSB to develop a first-of-its-kind code to break down financial barriers for EMBs DBT: UK corporate reporting – sustainability standards development FCA updates: Cash savings market and fair value, Consumer Duty price and value outcomes assessment FCA reports that new access to cash protections is having an impact FCA: Listing transactions over Christmas and New Year PSR consults on draft statement of policy on CBA framework FSCP responds to FCA and PSR consultations – insurance, big tech & digital wallets DBT: UK-Thailand Enhanced Trade Partnership FCA speech: Frameworks for effective fraud prevention measures FCA: General insurance pricing practices – updated Q&As PRA: Authorisations performance report Q2 2024/25 EUROPE EBA Q&As – reporting ECON: September 2024 newsletter ECB: Speech by Elizabeth McCaul on the future of EU banking supervision– connecting people and technology EP: Briefing on potential economic impact of EU sustainable finance ECB Research Bulletin: Consumer demand for CBDC as a means of payment ECON: In-depth analysis of the CMU EC: New Commission – Financial Services and the Savings and Investments Union OJ: Corrigendum to Regulation 2023/606 regarding ELTIFs UNITED STATES SEC: Systemic risk in AI SEC makes amendments to rules under Regulation NMS SEC announces settlement with broker-dealer on Reg BI violations SEC charges DeFi company and its founders with misleading investors and acting as unregistered brokers SEC charges audit firm with negligence and violating auditor independence requirements SEC charges 11 institutional investment managers for reporting failures SEC charges multiple individuals and entities in relationship investment scams SEC charges 12 municipal advisors with off-channel communications recordkeeping violations FDIC proposes recordkeeping rule for banks' third party accounts FDIC approves Final SOP on bank merger transactions OCC approves final rule and policy on bank mergers CFPB publishes guidance on phantom opt-ins for federal and state authorities SEC charges biotech company with misleading IPO investors SEC charges former financial consultant for providing father and friends with inside information Fed, FDIC and OCC extend comment period on RFI on bank-fintech arrangements INTERNATIONAL IFSB issues IFSI Stability Report 2024

🥚 📚 Financial Regulations Weekly Update 💵 🔅 AUSTRALIA ASIC prevails in first greenwashing civil penalty action APRA Chair speaks at AFR Banking Summit HONG KONG SFC consults on proposals to enhance REIT regime and SFO market conduct regime for listed CISs Appointment of Chairperson and panel members of AML/CFT Review Tribunal HKMA Executive Director of Banking Supervision makes opening remarks regarding initiatives relating to use of DLT in financial services SFC and HKMA remind LCs, management companies of SFC authorised funds and AIs to prepare for shortening of securities transaction settlement cycle in US and Canada to T+1 SFC commences MMT proceedings against former chairman of listed company and 20 other individuals over suspected market manipulation Green and Sustainable Finance Cross-Agency Steering Group and ISSB members hold industry roundtable in Hong Kong Insurance Authority imposes 12-month ban on former insurance agent for witnessing false signature, making false declarations and falsifying signatures HKMA encourages AIs to make use of new GHG emissions calculation and estimation tools Insurance agents sentenced to 12 to 35 months' imprisonment over fraud and money laundering SINGAPORE MAS extends suspension of remittances to China through channels that are not specifically permitted MAS MD: Investing in change SGX RegCo: Large issuers to help reduce AGM crunch UNITED KINGDOM BoE/FCA/PRA/PSR: Payment systems MoU BoE consults on changes to enforcement approach – securitisations, DSAs, wholesale cash distribution, CTPs AST publishes report on accelerated settlement cycle FCA further consults on regulatory framework for pensions dashboard service BoE: Financial Stability in Focus – the FPC’s macroprudential approach to operational resilience BoE: H1 2024 SRS results PSR: CfV – second annual review of SD12 FCA: Finalised guidance on financial promotions on social media HMT: TWG report on further fund tokenisation DWP: Pensions dashboards – guidance on connection FCA: New webpage on AIFM hosting OFSI: Threats and vulnerabilities to financial sanctions compliance survey UNITED STATES SEC adopts reforms relating to investment advisers operating exclusively through the internet CFPB warns remittance transfer providers on advertising claims CFTC: Civil enforcement action filed against operators of digital asset exchange FTC: 24 ICN participants issue joint statement on increasing tech capacity to keep pace with increasing digitization of the economy CFPB joins federal and state agencies in coordinated statements on tech & enforcement capability CFTC Commissioner Johnson addresses SARB FinTech Summit – crypto, AI, tokenized environmental commodities OCC: Acting Comptroller discusses fairness and compliance risk management NEW ZEALAND FMA: Issued warning of making false or misleading representations to SC RBNZ: Guidance issued on managing climate-related risks

💱 📝 Financial Regulations Weekly Update ♨ 💷 AUSTRALIA ASIC issues infringement notice regarding greenwashing HONG KONG SFC reminds public regarding end of VATP application period under transitional arrangements Prototype Green Fintech Map launched SEHK issues circular on order input and trade cancellation/amendment & on order consideration limit setting and applying notional value checks SFC issues 'Disciplinary Proceedings at a Glance' guide for AMLO VATP regime HKMA issues revised CIs for Return of Capital Adequacy Ratio, Return of Leverage Ratio and Return of Large Exposures SFC secures first criminal conviction of securities fraud via illegal short selling First ramp-and-dump criminal prosecution at District Court commences SEHK disciplines listed company and its former chairman for failures relating to various transactions SINGAPORE MAS: Response to Parliamentary question on Money Lock feature SGX RegCo/ACRA: Mandatory climate reporting for listed issuers and large non-listed companies INDIA IFSCA consults on amendments to IFSCA (Payment Services) Regulations, 2024 RBI consults on disclosure framework on climate-related financial risks RBI updates Enabling Framework for Regulatory Sandbox IFSCA publishes FAQs on IFSCA (Payment Services) Regulations, 2024 RBI: Master direction on the filing of supervisory returns UNITED KINGDOM FCA issues interim update on asset management and alternatives supervision strategy FOS: Complaints data Q3 2023/24 SI: The Economic Crime and Corporate Transparency Act 2023 (Commencement No. 2 and Transitional Provision) Regulations 2024 FCA: Number of market observations, and number of STORS received in 2023 PRA PS3/24 – Review of Solvency II TSC: CfE regarding Russia financial sanctions SI: The Financial Services and Markets Act 2023 (Commencement No. 5) Regulations 2024 SI: The Bank of England Levy (Amount of Levy Payable) Regulations 2024 FCA announces market abuse surveillance TechSprint  PRA PS2/24 Review of Solvency II – Adapting to the UK insurance market PSR MD discusses APP scams SI: Russia (Sanctions) (EU Exit) (Amendment) Regulations 2024 FCA: Joint ED of Enforcement and Market Oversight discusses FCA enforcement strategy PSR Head of Policy discusses driving innovation in payment services TSC: Sexism in the City inquiry correspondence – whistleblowing, non-financial misconduct Commons: Written response to question on requirement for social media platforms to compensate fraud victims ABI publishes new guide on responsible use of AI UNITED STATES SEC charges former CEO with fraud for making false statements on social media CFTC extends response deadline for proposed rule on real-time public reporting requirements and swap data recordkeeping and reporting requirements OCC Notice of Proposed Rulemaking to Amend Freedom of Information Act Regulations NEW ZEALAND RBNZ: Published consultation feedback and decisions on collecting data to support cyber resilience.

📣 Financial Regulation Weekly Update (UK & US) 🌎 UNITED KINGDOM Chancellor sets out plans for financial services in first Mansion House speech Mansion House: Call for evidence on the Financial Services Growth and Competitiveness Strategy Mansion House: Recommendations for the FCA Mansion House: Recommendations to the PRA Mansion House: Advice Guidance Boundary Review Mansion House: FCA and FOS issue call for input Mansion House: National Payments Vision Mansion House: Letters to the FCA and PSR Mansion House: PSR MD reflects on the National Payments Vision Mansion House: Remit and recommendations for the FPC Mansion House: Consultation on a UK Green Taxonomy Mansion House: Consultation outcome on the regime for ESG ratings providers and draft legislation for comment Mansion House: Policy paper – Reforming UK MiFID and FCA DP on UK transaction reporting Mansion House: PISCES consultation outcome and draft legislation for comment Mansion House: Pensions Investment Review – interim report Mansion House: Captive insurance consultation Mansion House: Credit union common bond reform Mansion House: Letters to FCA and PRA requesting report on the mutuals sector landscape Mansion House: Governor's address FCA: IWI meeting minutes and log – April 2024 / Regulatory Family meeting – June 2024 FCA Primary Market Bulletin 52 FCA fines and bans two individuals – breach of asset requirement PRA: Conclusion of the Solvency II Review PRA consults on UK ISPV regulatory framework FCA: Transcript of call on motor finance SI: The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2024 FCA to consult on extending the time motor finance firms have to handle commission complaints PSR: Summary of breakfast session on promoting innovation in payment systems FCA fines bank for financial crime systems and controls failings FCA portfolio letter to CRAs   FCA, PRA and BoE set out final requirements in relation to oversight regime for CTPs HMT signs MoU with FCA, PRA and BoE on CTP regime FRC consults on UK Stewardship Code FCA bans and fines an individual for misusing funds due to insurers FCA: Outcome of enforcement regulatory disclosure review HMT: Outcome of consultation on ring-fencing regime and draft amendment Draft SI: The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2024 Draft SI: The Short Selling Regulations 2024 UNITED STATES Fed/Treasury report to Congress: Impact of proposed international ICS on insurers CFPB report details carveouts for financial institutions in state data privacy laws CFTC awards $4m to two whistleblowers CFPB orders credit union to pay more than $95m in overdraft fees case

Financial Regulation Weekly Update (UK, EU & US) UNITED KINGDOM FCA: FG24/6 – Guidance for firms that enables a risk-based approach to payments FCA: Multi-firm review of life insurers’ bereavement claim process PSR: Stakeholder submissions to MR22/1.6 SI: The Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024 SI: The Securitisation (Amendment) (No. 2) Regulations 2024 FCA charges four individuals with fraud offences relating to failed credit union FCA proposes time extension for complaints handling in relation to non-DCAs for motor finance PSR: Impact of APP fraud on UK customers Lords: CfE on Property (Digital Assets etc) Bill Lords: Answer to written question on money laundering and PEPs  FCA: Revision of MCS methodology BoE consults on new Fundamental Rules for FMIs TSC: Letter from FCA Chief Executive on motor finance FCA bans a director from working in financial services and cancels firm's permissions FSCS Report: Outlook November 2024 UK Finance report: Information Sharing Pilot (ICO Sandbox) EUROPE EU agencies respond to EC consultation on macroprudential policies for NBFI Council of the EU: closure of the ODR platform and its replacement ECB: Building a solid cyber defence for the new geopolitical season ESMA consults on the active account requirement - EMIR 3 EBA: Common Equity Tier 1 instruments ESAs: Guidelines on system for exchange of information relevant to F&P assessments ECB: Financial Stability Review – November 2024 ESMA: Final report –Technical advice on CSDR penalty mechanism ESAs: Fit-For-55 climate scenario analysis ECB: Taking account of nature, naturally Council adopts new ESG ratings regulation Council adopts revamped rules for EU clearing services OJ: Commission Implementing Regulation to Solvency II ESMA: Shortening of the settlement cycle in the EU ECB: Financial Stability Review article – diversification in funding ECB: Administrative Board of Review - Ten years of experience UNITED STATES NY Fed research into bank failures Fed: Supervision and Regulation Report and testimony by the Vice Chair for Supervision OCC: Acting Comptroller addresses House Financial Services Committee Fed issues enforcement actions with a bank and bank holding company DoJ: Former senior manager of Richmond Fed pleads guilty to insider trading and making false statements SEC charges crypto mining company with FCPA violations in connection with scheme to influence members of Japan's Parliament FDIC announces extension of comment period for deposit insurance recordkeeping rule for banks’ third-party accounts CFTC DCR staff advisory related to clearing of options of spot commodity ETFs

💠 Financial Regulation Weekly Update (UK, US & EU) ⭐ UNITED KINGDOM FCA: Pre-contractual disclosure examples for the SDR and investment labels regime FCA FG24/5 – Prudential assessment of acquisitions and increases in control PRA/FCA PS18/24 – Prudential assessment of acquisitions and increases in control FCA: Handbook Notice No 123 FCA fines and bans two individuals for pension transfer advice failings FCA: APM 2024 – responses to unanswered questions FCA: CrowdStrike outage – lessons for operational resilience FCA and PSR Boards appoint new chair to decision-making committees PRA PS17/24 – rules in relation to the disclosure and reporting (CRR) parts of the PRA rulebook FCA SBPP responds to CP24/19 – Consumer Credit Regulatory Returns BoE Deputy Governor discusses potential impact of AI on financial stability Lords: Letter to FSRC regarding listed investment companies and cost disclosure SI: The Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024 Draft SI: The draft Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2024 TPT announces conclusion of its work, releases final report FCA Chief Executive discusses motor finance and private markets Autumn Budget announcements SI: The Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 FCA: Individual fined for failing to notify of significant tax issues BoE Governor discusses the future of money and payments EUROPE OJ: Commission Delegated Regulation amending CRR – postponing the application date of own funds requirement for market risk ACER: REMIT Quarterly ESAs: Draft ITS specifying tasks of collection bodies and functionalities of the ESAP ESAs: Final Report – PAI disclosures under the SFDR EIOPA: Q&A regarding Solvency II reporting SRB speech: Crisis management and resolution EBA launches survey for entities within the scope of initial margin model authorisation regime – EMIR 3 OJ publication – ELTIF ESMA: Proposals to streamline the prospectus area ESMA consults on amendments to MiFID research regime EBA consults on draft RTS and ITS for structural foreign exchange positions UNITED STATES CFPB: Credit union fined over botched rollout of new online banking system CFTC charges companies and cofounder with Forex fraud, failing to register CFPB to distribute over $191 million to consumers harmed by leasing company SEC: Rule amendments and new rule on risk management and resilience of CCAs FINRA: Metaverse and the implications for the securities industry

⭐ Financial Regulations Weekly Update (International) 🌏 UNITED KINGDOM FCA: Trial date fixed in relation to three charged over CFD trading pension fraud FCA/BoE: Q&As on UK EMIR reporting requirements PSR: PS24/3 – FPS APP scams FOS: Annual complaints data and insights 2023/24 FMSB: Transparency Draft on SSIs FCA sets out new listing rules FCA PMB 50 and consultation on additions to Knowledge Base in relation to UKLR FCA: Date set for 'finfluencer' trials Law Commission: Scoping paper on DAOs PRA: Approach to life insurance stress test 2025 PRA speech: Solvency II reforms – matching adjustment BoE: Fees regime for UK FMIs – CCPs, CSDs FCA: Quarterly consultation No. 44 BoE speech: Impact of legal entity identifiers on payments PSR: 2024/25 fees figures BoE: New data and analytics strategy – three-year roadmap EUROPE ESMA: Q&As – AIFMD, MiCAR, MiFID II, UCITS ESAs consult on guidelines under MiCAR OJ: AI Regulation ESMA: Final report on draft RTS amending ESEF taxonomy ESAs report on the use of behavioural insights in supervisory and policy work ECB reports on key assessment criteria and collection of sound practices in relation to digitalisation ESMA consults on MiFIR review ESMA issues statement on the use of collateral by NFCs acting as clearing members EBA updates supervisory reporting framework ESMA consults on CSDR Refit ESMA publishes results of stress test of CCPs SRB: Resolvability assessment report 2023 ESMA consults on reporting requirements and governance expectations ESMA consults on liquidity management tools for funds EBA report: Convergence of supervisory practices 2023 EBA consults on criteria to assess the materiality of CVA risk exposures arising from securities financing transactions – CRR EBA: European Supervisory Examination Programme 2025 UNITED STATES CFTC and DoJ Fraud Disruption Conference focuses on combatting crypto schemes NY Fed: Statement of IOSCO Compliance for administered reference rates SEC Chair Gary Gensler issues statement on the spring 2024 regulatory agenda FDIC issues list of banks examined for CRA compliance

Financial sector calls on EU policymakers to reassess the Financial Data Access (#FiDA) Regulation to ensure innovation, security, and competitiveness. Today, Europe’s insurance, banking, and asset management industries issued a joint statement urging co-legislators to uphold their commitments to boost European competitiveness. The signatories stress that the Financial Data Access (FiDA) Regulation should not be finalized before a thorough assessment of its impact across the entire value chain is completed. The statement warns that rushing into implementation without addressing key concerns could undermine both European competitiveness and data protection. The joint statement highlights the need for: 👉 Evidence-backed policymaking to prioritize customer benefits and market demand. 👉 Stronger safeguards for data privacy and security, ensuring new data-sharing entities (FISPs) are held to the same regulatory standards as financial institutions. 👉 Legal clarity to build a workable framework that drives Open Finance in Europe. While supporting the ambition to foster data-driven innovation, the signatories emphasize that any framework must carefully consider its broader impact on consumers, businesses, and the financial ecosystem. The statement was co-signed by the AFME (Association for Financial Markets in Europe), the European Association of Co-operative Banks, the European Banking Federation, EFAMA, WSBI-ESBG and Insurance Europe 📩 Ali-Ashraf Rajabli