ECON report on EDIS
Regulation Tomorrow | Norton Rose Fulbright
by Michael Born (DE) and Simon Lovegrove (UK)
2h ago
On 23 April 2024, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published its report on the proposal for a Regulation establishing a European Deposit Insurance Scheme. On 18 April 2024, the European Parliament issued a press release stating that the ECON had adopted the report. The file will be followed up by the new European Parliament after the 6-9 June European elections ..read more
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European Parliament adopts first reading position on PSD3 and PSR
Regulation Tomorrow | Norton Rose Fulbright
by Simon Lovegrove (UK) and Floortje Nagelkerke (NL)
2h ago
On 22 April 2024, the European Parliament issued a press release stating that it had adopted its position at first reading on the draft Directive on payment services and electronic money services in the internal market (PSD3) and the draft Payment Services Regulation (PSR). The press release provides that MEPs adopted proposals for an open and competitive payment service in the EU, with strong customer protection against fraud and data breaches. The European Parliament proposed changes to the draft PSR, which was adopted with 511 votes to 22 (and 75 abstentions). It also proposed changes to th ..read more
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FCA consults on extending the SDR regime to portfolio management
Regulation Tomorrow | Norton Rose Fulbright
by Matthew Gregory (UK), Haney Saadah, Uzmah Yunis, Anita Edwards and Simon Lovegrove (UK)
2h ago
On 23 April 2024, the Financial Conduct Authority (FCA) published Consultation Paper 24/8 ‘Extending the Sustainability Disclosure Requirements regime to portfolio management’ (CP24/8). In CP24/8 the FCA sets out proposals to extend the Sustainability Disclosure Requirements (SDR) and investment labels regime to portfolio management services. Background On 25 October 2022, the FCA published Consultation Paper 22/20 (CP22/20) setting out proposals for a new anti-greenwashing rule and SDR and investment labels regime. In CP22/20 the FCA consulted on including portfolio management in the SDR and ..read more
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FCA publishes finalised guidance on the anti-greenwashing rule
Regulation Tomorrow | Norton Rose Fulbright
by Matthew Gregory (UK), Haney Saadah, Uzmah Yunis, Anita Edwards and Simon Lovegrove (UK)
2h ago
On 23 April 2024, the Financial Conduct Authority (FCA) published its finalised non-handbook guidance (FG24/3) on the anti-greenwashing rule. The guidance is intended to help firms understand and comply with the anti-greenwashing rule, which comes into force on 31 May 2024. Background The anti-greenwashing rule is part of a package of measures the FCA finalised in 2023 and published in its Policy Statement on sustainability disclosure requirements and investment labels (PS23/16). When the FCA published PS23/16, it also launched a consultation on draft general guidance to support the implementa ..read more
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New Regulation Tomorrow Plus Episode: The FOS’s motor finance decisions
Regulation Tomorrow | Norton Rose Fulbright
by Matthew Gregory (UK), Joe Bamford (UK) and Anita Edwards
2h ago
In the second in our series of Regulation Tomorrow Plus podcasts on the FCA’s intervention in the motor finance sector, we take a detailed look at the Financial Ombudsman Service (FOS)’s decisions upholding specific complaints in relation to historical discretionary commission arrangements. The decisions were one of the catalysts for the action the FCA is taking in the sector, and in this podcast we discuss the arguments presented by the firms to the FOS as well as the decisions reached by the FOS. The first podcast in this series is available here. Listen to the new episode here ..read more
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The FSMA 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024
Regulation Tomorrow | Norton Rose Fulbright
by Anita Edwards and Simon Lovegrove (UK)
7h ago
On 22 April 2024, a statutory instrument – the Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024 (the SI) – was published. The Financial Services and Markets Act 2023 (FSMA 2023) introduced several new legislative powers which work together as a set of tools as the Government repeals assimilated law to deliver a Smarter Regulatory Framework (SRF) for financial services. One of the tools introduced by FSMA 2023 is new section 138BA of the Financial Services and Markets Act 2000 (FSMA) which provides a power ..read more
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Draft SI published: the Securitisation (Amendment) Regulations 2024
Regulation Tomorrow | Norton Rose Fulbright
by Anita Edwards and Simon Lovegrove (UK)
7h ago
On 22 April 2024, a draft statutory instrument, the Securitisation (Amendment) Regulations 2024 (the draft SI), which makes amends to the Securitisation Regulations 2024, was published alongside a draft Explanatory Memorandum.  The draft SI forms part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services. The Securitisation Regulations 2024 establish the new legislative framework under which financial services regulators will make rules on general requirements for securitisation that apply to firms. The draft SI makes textual amendments to the Securit ..read more
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Treasury Committee publishes information from FOS showing increase in debanking complaints
Regulation Tomorrow | Norton Rose Fulbright
by Anita Edwards and Simon Lovegrove (UK)
7h ago
On 21 April 2024, the House of Commons Treasury Committee published a press release and related correspondence highlighting a ‘surge’ in the number of complaints received by the Financial Ombudsman Service (FOS) in relation to debanking. The Committee flags that data provided in a letter from Abby Thomas, Chief Executive of the FOS, shows an increase in the proportion of complaints which were upheld by the FOS: 36% ruled in the complainant’s favour in the most recent year, compared with 27% or below in each of the previous three years. The letter from the FOS also included data on the number o ..read more
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Published in OJ – daisy-chain proposal 
Regulation Tomorrow | Norton Rose Fulbright
by Simon Lovegrove (UK)
7h ago
On 22 April 2024, there was published in the Official Journal of the European Union (OJ) Directive (EU) 2024/1174 amending the Bank Recovery and Resolution Directive and the Resolution establishing the Single Resolution Mechanism as regards certain aspects of the minimum requirement for own funds and eligible liabilities. The Directive is sometimes known as the ‘daisy-chain proposal’. On 13 March 2024, the Council of the EU published the draft Directive, with provisional political agreement being reached last December. Furthermore, the European Parliament adopted the text of the draft Directiv ..read more
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BoE speech on private equity and financial stability risks
Regulation Tomorrow | Norton Rose Fulbright
by Anita Edwards and Simon Lovegrove (UK)
22h ago
On 22 April 2024, the Bank of England (BoE) published a speech by Nathanael Benjamin, its Executive Director of Financial Stability Strategy and Risk, on the private equity market and its growth in size, complexity and interconnectedness, as well as its role in financing companies. The speech outlines recent developments and asks questions about the impact of the dynamics within the sector on safe and sustainable growth. The speech is structured around four questions: How does the growth of private equity contribute to market-based finance? What makes up the private equity ecosystem? Why is t ..read more
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