Full Ownership structure chart;
Pre-Approval Controlled Functions for board members and senior
staff, including whether these individuals have previously been
approved by the CBI (Board and Senior Management);
Number of FTE employees, whether any are shared with other
group entities; and
Staff Organisational Chart with reporting lines.
7
Regulatory capital, own Funds Requirements, and Operational
funding levels;
Turnover (total income/revenue generated) for first 3
years;
Profitability; and
Sources of Regulatory and Share Capital/Funding.
The KFD must clearly and precisely address each point. The CBI
will review the completed KFD and revert to the applicant firm in
writing with any comments. If the KFD does not contain, or is
26 February
The Financial Conduct Authority (“
FCA”) published Handbook Notice 85, which sets out changes to the FCA Handbook made by the FCA Board on 25 February 2021.
The Financial Action Task Force (“
FATF”) published a document setting out the outcomes from its plenary meeting on 22, 24 and 25 February 2021.
The FCA published a report on its review of product governance in a sample of asset management firms.
The European Securities and Markets Authority (“
ESMA”) issued a press release announcing the publication of revised version of its Q&As on the EU Securitisation Regulation.
ESMA published a consultation paper on draft technical standards under the Regulation on European crowdfunding service providers for business ((EU) 2020/1503) (“
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Recent regulatory developments of interest to all financial institutions, including updates from the UK, EU and the FSB. See also our sector specific updates in the Related Materials links.
Contents
Pension freedoms: Work and Pensions Committee call for evidence
Fair treatment of vulnerable consumers: FCA FG21/1
MoU between FCA and EHRC
UK CRD: PRA statement on definition of higher paid material risk taker
Transforming data collection from UK financial sector: BoE plan
End of Brexit transition period: EU publishes draft GDPR and LED adequacy decisions
EU PEPP Regulation: European Commission adopts Delegated Regulations on supervisory reporting and product intervention
On 14 January 2021, the Central Bank of Ireland issued the much anticipated CP135: Consultation on Competent Authority Discretions in the Investment Firms Directive and the Investment Firms Regulation, signaling its .
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Recent regulatory developments of interest to all financial institutions, including the latest UK PRA and FCA COVID-19 updates. See also our sector specific updates in the Related Materials links.
Content
COVID-19: FCA updates webpage on changes to regulatory reporting
COVID-19: FCA consults on extending guidance on cancellations and refunds
FCA Financial Lives 2020 survey and October 2020 COVID-19 panel survey
Pension Schemes Act 2021
BofE and FCA MoU on the supervision of market infrastructure and payment systems
UK Productive Finance Working Group
BofE Governor Mansion House speech
FCA policy development update