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On 29 March 2021, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published their final policy statements on operational resilience following their consultations papers issued in December 2019. The new rules will come into effect on 31 March 2022, giving firms a one-year implementation period to comply with the new requirements. There is also a 3-year transition window to March 2025 that […]

Sustainable Finance Disclosure Regulation (SFDR) is also known as the ESG Disclosure Regulation, and the kickstarts the regulator’s initiative to make ESG into hard law. It will apply to EU and other relevant financial market participants (FMIs) such as UCITS management companies and AIFMs from 10 March 2021. Any investment manager based in or outside

In 2020, COVID-19 dominated everything, sweeping away all regulatory plans for the year with regulators focusing on providing support to both firms and their customers. We expect the regulators’ recovery efforts to continue. That said, what else can we expect to be a priority in the regulators’ agendas? This month’s insight captures some of the

The FCA has begun surveying solo-regulated MiFID investment firms and  CPMI firms in its preparation for the new prudential regime, EU’s Investment Firm Directive and Regulation. The purpose of the survey is to assist the FCA to better understand the impact of the new regime on firms in terms of the costs and benefits. The

The month of October was a busy month for the regulators, PRA and FCA who issued Dear CEO letters to financial institutions on their final preparations, for the end of the Brexit transition period. The letter is broken down into different areas where the regulators remind firms of their expectations. This month’s insight summarises the

On the 10th September, The FCA published its Annual Report and Accounts which looks back on their key pieces of work throughout 2019/20. In this month’s insight we have summarised the key themes from the report.  Highlights from the FCA’s work this year include: Measures to give immediate support for over 3.4 million consumers and for

From the 30th September 2020, new ESMA guidelines on liquidity stress testing (‘LST’) for EU domiciled UCITS and AIFs funds (excluding unleveraged closed-ended AIFs) come into effect. The guidelines are intended to increase the standard and consistency of liquidity stress testing by management companies and to promote convergence in the way in which national competent authorities

The FCA has sent out a mandatory survey to authorised firms to help them better understand the impact of the coronavirus pandemic on firms’ financial resilience. It was initially sent out in June, however the FCA has extended the pool of firms to an additional 10,000 having already surveyed 13,000 firms in June 2020. The

The FCA announced the appointment of Nikhil Rathi as its next CEO. He is due to start in the autumn and will immediately have his hands full. The new leadership has come at a time of significant change in the industry. As such, it is anticipated that Mr Rathi will be welcomed with high expectations

Prolonged periods of remote working can lead to financial institutions facing challenges, perceived risks in meeting regulatory obligations and maintaining a robust compliance monitoring framework. We provide guidance on how GRC professionals can deal with some of the challenges with compliance monitoring due to the pandemic.  The FCA continues to stress its message that firms