Region: United Kingdom

UK-based foreign banks face new information rules

The Prudential Regulation Authority has made changes to proposed regulations for international banks operating in the UK after consultation feedback urged against burdensome information requirements.

28 July 2021

From cliff-edge to glide path: BoE MREL proposals smooth way for challenger banks

The Bank of England has proposed to ease growing lenders into the process of raising “bail-in” capital by introducing a “stepped glide path” for their MREL obligations.

26 July 2021

FRC critiques “unacceptable” KPMG bank audits

The Financial Reporting Council’s annual review of the UK’s audit sector has highlighted “specific concerns” over the quality of KPMG’s bank audits for the third year running.

26 July 2021

PRA removes dividend limits

The UK’s Prudential Regulation Authority has removed the “extraordinary guardrails” it imposed on dividend distribution during the pandemic, but has warned banks to exercise an “appropriate degree of caution”.

14 July 2021

Hogan Lovells-IRSG report calls for greater “openness” in UK regulation

UK regulation should display greater “openness” to overseas firms, while its overseas persons exclusion should be “rationalised and simplified”, according to a new report published by Hogan Lovells and the City of London.

12 July 2021

Post-Brexit wholesale markets proposals “not about lowering standards”, UK insists

The UK is set to diverge from key EU financial market regulations and make regulation “more agile” under newly-released government proposals that have been called its “most significant and far-reaching” to date.

05 July 2021

FCA names new in-house legal team

The UK’s Financial Conduct Authority has hired a pair of former Freshfields partners to its in-house legal team, as long-time general counsel Sean Martin departs.

30 June 2021

FCA proposing extended Libor for sterling and yen settings

The UK’s Financial Conduct Authority has proposed allowing the use of some yen and sterling-denominated Libor interest rates beyond the 31 December cut-off, but is warning market participants not wait for a “potential synthetic solution”.

28 June 2021

FCA pushes to net zero in climate disclosure plans

Issuers of listed securities and asset managers will need to make climate disclosures under new FCA proposals, seeking to bring financial regulation in line with the UK’s 2050 net-zero goal.

24 June 2021

CCPs’ own stress tests insufficient, BoE says in supervisory proposals

The Bank of England will begin stress-testing central counterparties this year, in what it calls a bid to increase transparency and public confidence.

23 June 2021

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