HM Treasury's response to the feedback to its consultation on near-term bank ring-fencing reforms
On 11 November 2024, HM Treasury published a response to its consultation on near-term reforms relating to the bank ring-fencing regime. It has also published a draft version of the Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2024. These amendments aim to refine the regulatory framework for ring-fenced financial institutions and remove EU-specific terms that are now irrelevant post-Brexit.
Read here to know more on the HMT's response and the details on the draft Order
Bank of England's forward-looking regulatory regime and new fundamental rules for financial market infrastructures
On 19 November 2024, the Bank of England (BoE) published a consultation paper on introducing fundamental rules for certain financial market infrastructures (FMIs) in the UK. The BoE supervises UK central counterparties (CCPs), central securities depositories (CSDs), recognised payment systems operators and specified service providers. Last year it took on new rule-making powers in relation to CCPs and CSDs. Now for the first time it is using these powers to set legally binding regulation for all the FMIs it oversees.
Click here to read further on what these fundamental rules are
BoE, PRA and FCA policy statement on critical third parties oversight regime
On 12 November 2024, the Bank of England, Prudential Regulation Authority and Financial Conduct Authority published a joint policy statement on operational resilience and critical third parties (CTPs) in the UK financial services sector. The policy statement includes the final requirements and expectations for CTPs in the financial sector, as established by the regulators.
Click here to learn more on the new CTP oversight regime and our top tips on five key things to know on the regime
Regulations and level three documents published in preparation for the entry into force of MICA
The European authorities and the EU Commission have recently issued several regulations and level three documents in preparation for the entry into force of Markets in Crypto-Assets Regulation (MiCA).
Read more on these publications here
Final pieces of EU legislation on DORA published
In preparation for the entry into force of Digital Operational Resilience Act (DORA), scheduled for 17 January 2025, the final pieces of EU legislation have now been published.
Click here to learn more on these legislation under DORA
Upcoming events
For information on all our upcoming training events including our Regulatory Essentials programme, please visit our Financial Regulation page on our website.
