FCA Consults on Handbook Changes Related to European MMF Regulation
FCA published the consultation paper CP18/4 on changes to FCA Handbook to ensure that it is consistent with the requirements of the EU Money Market Funds (MMF) Regulation. The paper also proposes to introduce application fees for the authorization of MMF under the MMF Regulation, along with the periodic fees to help meet the cost of supervising MMF adherence to the Regulation. Comments are due by March 23, 2018.
The EU MMF Regulation came into force on July 21, 2017. It applies to new MMFs from July 21, 2018 and to the existing MMFs from January 21, 2019. The MMF Regulation is directly applicable under EU law and does not require implementation by individual member states. However, FCA and the Treasury have identified areas of the UK regulatory framework that require changes so that the MMF Regulation can work properly in the UK. The Treasury intends to grant certain powers to ensure that FCA can supervise firms’ adherence to the requirements of the regulation. The consultation paper will be of interest to all managers, depositories, and distributors of, and investors in, MMFs. FCA plans to publish the feedback on comments and final rules in a Handbook Notice as soon as possible, after the end of the consultation period. It also aims to make application forms for authorization of new MMFs available on its website from early May 2018.
Related Links
Comment Due Date: March 23, 2018
Keywords: Europe, UK, Securities, Banking, MMF Regulation, CP18/4, FCA
Previous Article
EBA Report Assesses Applicability of EU Law to Crypto AssetsRelated Articles
OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks
The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
