Regulation Round Up – September 2022 | Proskauer Rose LLP

Welcome to Regulation Roundup, a regular newsletter highlighting the latest developments in UK and EU financial services regulation.

Key developments in August 2022:

August 24

The Financial Conduct Authority (“FCA”) declared the release of a new Innovation focus on diversity, equity and inclusion (DEI) initiative, which aims to support companies that develop innovative products in the DEI space.

August 23rd

The FCA declared its goal of establish a new advisory committee to work on environmental, social and governance issues.

17 of August

The European Central Bank (“ECB“) issued a statement in its August Oversight Bulletin on the steps it has taken to harmonize the assessment of license applications for cryptoactive activities.

August 16th

The FCA published a statement on the Prudential Regime of Investment Companies (“IFPR”) and eligibility for enhanced status under the Senior Management and Certification Regime (“SM and CR”) as a major SYSC signature.

August 12

The European Securities and Markets Authority (“ESMA”) has published his response to the consultation of the EU Commission on the EU regime for benchmarks administered in third countries.

August 11

The FCA has updated its Web page on changes to control notification forms to include links to various forms for use by persons intending to acquire control over an FCA-registered cryptocurrency company.

The House of Commons Treasury Committee published a letter (dated 27 July 2022) sent by Andrew Bailey, Governor of the Bank of England, on the Financial Services and Markets Bill 2022-23.

August 9

The ECB published a opinion (CON/2022/26) on the proposal for a Directive amending the Directive on alternative investment fund managers (2011/61/EU) (“AIFMD”) and the Directive on undertakings for collective investment in transferable securities (2009/65/EC) (“UCITS”).

The FCA published a Portfolio Letter which was sent to the CEOs of alternative investment funds. The letter outlines the FCA’s view of the main harm risks in the ‘alternatives’ portfolio and outlines the FCA’s expectations in this context.

The Glasgow Finance Alliance for Net Zero (“GFANZ”) launched a query about a draft report establish additional guidance for financial institutions on the implementation and selection of portfolio alignment metrics.

August 8

The Prudential Regulation Authority (“PRA”) posted a Policy Statement (PS7/22) providing comments on responses to its Occasional Consultation Paper (CP3/22) which was published in March 2022.

August 3rd

The FCA published a Policy Statement (PS22/11) on improvements to the system of designated representatives. See also our note about this update. here.

The UK Jurisdiction Working Group (“United KingdomJT”) posted a Legal Declaration on Digital Values for reference The Digital Securities Statutory Statement follows the UKJT’s November 2018 statement on the state of crypto assets and smart contracts.

August 2nd

The European Commission published its final reportMay 2022, on advertising, incentives and eligibility rules.

August 1

The FCA published a Policy Statement (PS22/10) on strengthening its financial promotion rules for high-risk investments.

The FCA published a consultation document on the extension of retail access to the fund of long-term assets (“LTAF”) (CP22/14).

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