Blog: Financial Regulation Weekly Bulletin – 9 March 2023 – Lexology

Includes developments in relation to: the independence of the Bank of England; greenwashing; the Consumer Duty; Short Selling Regulation; reform of UK Solvency II; and anti-money laundering.

Click on the headings below to access each section:

General

• Reduction of greenhouse gas emissions – ESMA publishes letter from European Commission on assessment of financial system’s resilience to stress and invitation to conduct stress test
• Financial services contracts concluded at a distance – Council of the European Union publishes general approach
• Independence of the Bank of England – House of Lords’ Economic Affairs Committee launches inquiry
• Financial impact of greenwashing – House of Commons Treasury Sub-Committee publishes letter sent to FCA
• Implementing the Consumer Duty – FCA publishes third series of portfolio letters
• Business specific complaints data – FOS publishes Consultation Paper on temporary changes to outcome reporting
• Fair business banking – APPG publishes report on framework for compensation and redress

Banking and Finance

• SEPA Migration Regulation – ECON publishes draft report on proposed amending Regulation
• Benchmarking diversity practices and the gender pay gap – EBA publishes report
• Mandatory reimbursement for APP scams – Treasury Committee publishes correspondence with Bank of England, FCA, PSR and FOS
• Second Resolvability Assessment Framework – Bank of England publishes ‘Dear CFO’ letter
• Post-Implementation Review – BBRS publishes second report of findings

Securities and Markets

• Proposed CSDR Refit Regulation – ECON publishes report
• Wholesale energy markets – ACER and ESMA agree MoU
• Short Selling Regulation – FMLC publishes response to HM Treasury

Asset Management

• Investment Research Review – HM Treasury publishes terms of reference
• Long Term Asset Fund – FCA authorises first Long Term Asset Fund

Insurance

• Aggregation Method – IAIS publishes report on finalised criteria
• Digital transformation – EIOPA launches survey
• Reform of UK Solvency II – Treasury Committee publishes correspondence on financial stability

Financial Crime

• AML/CTF – JMLSG publishes revised guidance

Enforcement

• Suspension of nickel trading on the LME – FCA and Bank of England publish statements on supervisory action
• R (Charles Street Securities Europe LLP) V Financial Ombudsman Service [2023] EWHC 448 (Admin)