FCA announced the list of nine firms that will run tests as part of its Green FinTech Challenge, which involves developing innovative products and services to assist in the transition of UK to a greener economy. The FinTech Challenge is a pilot approach for FCA Innovate. Additionally, Christopher Woolard, Executive Director of Strategy and Competition at FCA, outlined achievements under the Innovate project, at the Innovate Finance Global Summit in London.
Applicants were asked to provide information about their idea, what they would like from FCA, and how they think they meet the eligibility criteria. FCA received 22 applications to the Green FinTech Challenge, out of which nine firms have been accepted and will receive support across the range of services of FCA Innovate. The challenge was open to start-ups, incumbents, and technology providers meeting the eligibility criteria of assisting in the transition to a greener economy, benefiting UK markets and consumers, and having the need for Innovate services. Successful applicants will benefit from a range of services, which include:
- The Regulatory Sandbox
- Direct Support
- The Advice Unit
- Bespoke Green Finance cohort engagement
Keywords: Europe, UK, Banking, Insurance, Securities, Fintech, Climate Change Risks, Green Fintech Challenge, Project Innovate, ESG, FCA
The Prudential Regulation Authority (PRA) published the final policy statement PS21/21 on the leverage ratio framework in the UK. PS21/21, which sets out the final policy of both the Financial Policy Committee (FPC) and PRA
The Consumer Financial Protection Bureau (CFPB) proposed to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) under Section 1071 of the Dodd-Frank Act.
The Prudential Regulation Authority (PRA) decided to maintain, at the 2019 levels, the buffer rates for the Other Systemically Important Institutions (O-SII) for another year, with no new rates to be set until December 2023.
The Financial Stability Board (FSB) published a progress report on implementation of its high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements.
In a letter to the authorized deposit taking institutions, the Australian Prudential Regulation Authority (APRA) announced an increase in the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are consulting on the preliminary guidance that clarifies that stablecoin arrangements should observe international standards for payment, clearing, and settlement systems.
The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have set out their respective work priorities for 2022.
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0, in addition to the reporting module on leverage under the common reporting (COREP) framework.
The European Commission (EC) published the Implementing Decision 2021/1753 on the equivalence of supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (575/2013).
EC published the Implementing Regulation 2021/1751, which lays down implementing technical standards on uniform formats and templates for notification of determination of the impracticability of including contractual recognition of write-down and conversion powers.