UK and EU FS regulation—essentials

This Overview is a guide to the Financial Services content within the UK and EU financial services regulation essentials subtopic, with links to the appropriate materials.

The Financial Services team's UK and EU financial services regulation Essentials are a series of Practice Notes containing comprehensive overviews of key UK and EU financial services regulation covering all major points of interest and recent developments.

The Essentials Practice Notes listed below serve as 'feeder notes' to further practical guidance and news content. As well as being listed in the UK and EU financial services regulation essentials subtopic, they are also located in the relevant subtopic in the Financial Services topic tree alongside (as indicated below) together with additional content.

EU-derived Financial Services 'essentials' Practice Notes

The EU-derived Essentials Practice Notes listed below contain links to additional content.

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AIFMD—essentials—find this Practice Note, along with further information on the Alternative Investment Fund Managers Directive (AIFMD), in Financial Services Alternative investment funds (AIFs)—overview
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EU Bank Recovery and Resolution Directive (EU BRRD)—essentials—find this Practice Note, along with further information on the BRRD, in Financial Services

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Latest Financial Services News

Sustainable finance and ESG weekly round–up—21 November 2024

This week's edition of the Sustainable finance and ESG weekly round-up from the Finance Group includes: (1) ICC issues guidance on successful Carbon Pricing, (2) COP29 round up, and (3) ESAs issue ‘Fit-For-55’ climate scenario analysis results.

HM Treasury issues advisory on Oil Price Cap evasion tactics

HM Treasury (HMT)and the Office of Financial Sanctions Implementation (OFSI) have released an advisory concerning the Oil Price Cap (OPC) regime. The guidance specifically addresses evasion strategies involving the manipulation of product origin through the use of fabricated and falsified Certificates of Origin (CO). This advisory aims to alert relevant parties to the risks associated with such practices and to enhance compliance efforts within the oil trade sector.

FCA proposes extension for handling motor finance commission complaints following court ruling

The Financial Conduct Authority (FCA) has published a consultation paper (CP24/22) on extending the timeframe for motor finance firms to handle complaints related to non-discretionary commission arrangements (non-DCA). The proposed options are either until 31 May 2025 or until 4 December 2025. Responses are sought by 5 December 2024. The FCA also plans on publishing its feedback and its policy statement by 19 December 2024, emphasising that firms should use this extended period to adequately prepare resources for investigating and responding to complaints.

BoE’s Sasha Mills’ speech on the potential transformative impact of innovation in wholesale financial markets

The Bank of England (BoE) has published a speech by its executive director for financial markets infrastructures, Sasha Mills, discussing how innovation in wholesale financial markets, such as tokenisation and programmable platforms, could revolutionise post-trade processes, making them faster, cheaper, and more efficient. The BoE is also exploring ways to maintain central bank money as a settlement asset for digital transactions, including plans for experiments on synchronisation and wholesale central bank digital currency.

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