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Recent regulatory developments of interest to most financial institutions, including updates from the UK government, PRA, FCA, JMLG and the European Commission.
Contents
UK FinTech and financial services plans
LC&F compensation scheme and complaints to FCA
Lessons from Greensill Capital: Treasury Committee inquiry
Diversity: BoE launches Meeting Varied People initiative
PRA authorisations: updates on rule waivers and modifications and CRR and Solvency II permissions
UK Investment Firms Prudential Regime: FCA second consultation CP21/7
FCA transformation programme: update to HM Treasury
FCA appoints sustainability and technology directors
FCA regulated fees and levies for 2021/22: CP21/8
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For market participants pivoting toward ESG and digital assets, weighing the issues at the crossroads of these two megatrends is critical.
The huge rise in popularity of Bitcoin and the growing interest by mainstream financial institutions in virtual assets as an investable and tradable asset class has shone a light on the cryptocurrency industry’s environmental, social, and governance (ESG) performance.
The vast majority of the world’s financial institutions manage climate risk and other ESG risks in their own portfolios. As a result, many financial institutions perform related diligence on corporates they look to service, whether by traditional lending, capital markets underwriting, or direct investment. While the focus has primarily been on the ESG performance of cryptocurrency miners (given their role in the creation of cryptocurrencies and the energy requirements associated with that process), the ESG perfor
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United Kingdom: HM Treasury consults on regulatory approach to cryptoassets and stablecoins
On 7 January 2021 HM Treasury (HMT) published a combined consultation paper and call for evidence on the regulatory approach to cryptoassets and stablecoins.
In outline, the consultation proposes:
A policy approach that would involve specific requirements being implemented by independent regulators (e.g. via rules or codes of practice) within a wider framework of objectives and considerations set out by HMT.
Expansion of the regulatory perimeter, with the introduction of a regulatory framework for “stable tokens” (i.e. tokens which maintain a stable value by referencing asset(s)), drawing on existing e-money and payments legislation. The FCA would authorise and supervise relevant entities carrying out certain activities in the UK. A stable token arrangement could also be subject to Payment Systems Regulator (PSR) and Bank of England regulation under certain circumstances.
Regulatory permissions: FCA reminds firms to use or cancel
DB pension transfer advice: FCA Assessment Tool and latest data analysis
FCA MoU with DWP and MaPS
Consumer investments data review 2020: FCA summary
CMC charges for financial products and services claims: FCA CP21/1
FCA Regulation round-up
UK Regulators Network: second publication of performance scorecards
EU economic and financial system: European Commission Communication on further steps to foster openness, strength and resilience
IFD: EBA final reports on draft RTS on risk takers and variable remuneration
FICOD: Joint Committee of ESAs final report on draft ITS on reporting of intragroup transactions and risk concentration