Weekly highlights

Weekly highlights

The Banking & Finance team produce a weekly roundup of current awareness ...

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Latest Banking & Finance News

ESMA consults on technical standards related to European Green Bonds Regulation

The European Securities and Markets Authority (ESMA) has published a consultation paper seeking feedback on proposed technical standards related to the European Green Bonds Regulation (EU) 2023/2631, aiming to gather feedback on the proposed Level two measures related to the Regulation. The paper covers six areas: systems, resources and procedures; the compliance function; internal policies and procedures; information used for assessment activities; applications for recognition of third-country external reviewers; and notification of material changes to registration information. This paper is the second of two public consultations on these technical standards. Responses are sought by 30 May 2025. ESMA will consider the feedback received from this consultation and expects to publish a final report in Q4 2025. The draft technical standards will be submitted to the European Commission for endorsement by 21 December 2025 at the latest.

CP25/6: PRA and FCA consult on amending PRA Rulebook and the FCA guidance on LTI ratios in...

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published joint consultation paper CP25/6, proposing amendments to the Housing Part of the PRA Rulebook and to FCA general guidance in order to give effect to the Financial Policy Committee's (FPC) November 2024 recommendation on loan to income (LTI) ratios in mortgage lending. The proposed amendments concern increasing the de minimis threshold for the Loan to Income (LTI) flow limit in mortgage lending from £100m to £150m per four rolling quarters. This aims to address inadvertent regulatory tightening by increasing the value of residential mortgage lending that small lenders can extend before becoming subject to the LTI flow limit. Responses are sought by 8 May 2025, the limited consultation period reflects the narrow scope of the proposal and aims to ensure a swifter implementation.

PS25/2: FCA publishes policy statement on DTO and post-trade risk reduction services

The Financial Conduct Authority (FCA) has published policy statement PS25/2 on the derivatives trading obligation (DTO) and post-trade risk reduction services. It sets out feedback to CP24/24 and the FCA’s final rules on the classes of SOFR OIS (secured overnight financing rate overnight index swaps) subject to the derivatives trading obligation (DTO) and the framework for post-trade risk reduction services which aims to ensure investment firms benefit from various exclusions, including the exemptions from the DTO, best execution and the transparency requirements. The final rules will take effect on 30 June 2025.

OFSI releases Legal Services Threat Assessment Report on sanctions risks

The Office of Financial Sanctions Implementation (OFSI) has published its Legal Services Threat Assessment Report, examining threats and vulnerabilities relating to UK financial sanctions in the legal sector. The 24-page report forms part of OFSI's commitment under Economic Crime Plan 2 to provide sector-specific guidance, aiming to support legal sector stakeholders in developing risk-based approaches to sanctions compliance.

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