On 26 July 2024, the European Supervisory Authorities (ESAs) issued a Final Report on the draft Regulatory Technical Standards (RTS) specifying how to determine and assess the conditions for subcontracting information and communication technology (ICT) services that support critical or important functions under the Digital Operational Resilience Act (DORA). The draft RTS set out requirements ..read more

On 25 July 2024, the European Supervisory Authorities issued an updated version of its consolidated questions and answers on the SFDR and the SFDR Delegated Regulation. The ESAs have added answers to a number of new questions including ..read more

On 26 July 2024, the European Central Bank (ECB) issued a press release stating that it had concluded its cyber resilience stress test which found that overall supervised banks have response and recovery frameworks in place, but areas for improvement remain. The outcome of the test will feed into the 2024 Supervisory Review and Evaluation ..read more

On 26 July 2024, the Financial Conduct Authority (FCA) published several Policy Papers designed to strengthen the UK’s capital markets. Three Consultation Papers (CPs) set out proposed rules for the new Public Offers and Admissions to Trading Regime (POATR), which will replace the existing UK Prospectus Regulation. A Policy Statement (PS) sets out final rules ..read more

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On 26 July 2024, the European Supervisory Authorities (ESAs) published a Final Report on draft regulatory technical standards (RTS) to specify the elements which a financial entity needs to determine and assess when subcontracting ICT services supporting critical or important functions as mandated by Article 30(5) of the Digital Operational Resilience Act (DORA). Article 30(2)(a ..read more

On 25 July 2024, the Prudential Regulation Authority (PRA) published Policy Statement PS12/24 on its approach to rule permissions and waivers. In PS12/24, the PRA sets out its final statement of policy (SoP) on the topic, along with feedback to Consultation Paper CP3/24. The PRA explained in CP3/24, published on 31 January 2024, that its ..read more

On 24 July 2024, the Payment Systems Regulator (PSR) published Policy Statement PS24/4 setting out its finalised new guidance on how it will make decisions on whether to grant exemptions or extensions to a specific direction or requirement.  Background The PSR uses specific directions and requirements to require firms to make changes that improve payments ..read more

On 24 July 2024, the Financial Conduct Authority (FCA) published Policy Statement PS24/8, which sets out the final rules for its access to cash regime. Background The FCA consulted in December 2023 on establishing an access to cash regulatory regime, which would require banks and building societies designated by the Government to assess and fill ..read more

ESMA opinion on the functioning of the Sustainable Finance Framework On 24 July 2024, the European Securities and Markets Authority (ESMA) set out an opinion on the functioning of the EU Sustainable Finance Framework, setting out possible long-term improvements. The opinion is the last component of ESMA’s reply to the European Commission’s request for input related to greenwashing, next to the final report on greenwashing. In summary the main recommendations of the opinion include: The EU Taxonomy should become the sole, common reference point for the assessment of sustainability and should b ..read more