Her Majesty's (HM) Treasury of the UK government launched a consultation on the Future Regulatory Framework Review, the feedback period for which will remain open until February 09, 2022. The consultation sets out proposals for adapting the UK regulatory framework for financial services to ensure that it remains fit for the future and to reflect the new position of UK outside the European Union (EU). The document also sets out the government response to the feedback received on the consultation on Phase II of the Future Regulatory Framework Review.
The consultation presents a series of proposals to deliver intended outcomes of the Future Regulatory Framework Review, building on strengths of the existing framework in UK. It proposes how the government intends to take forward its approach to the Future Regulatory Framework Review, including:
- Changes needed to the regulators’ statutory objectives and regulatory principles to ensure that the government’s priorities for the sector are fully reflected across the breadth of the regulators’ responsibilities
- Proposals to ensure that accountability, scrutiny, and engagement arrangements with HM Treasury, Parliament, and stakeholders are appropriate given the regulators’ responsibilities
- Proposed approach to transferring responsibility for designing and implementing the direct requirements that apply to firms in certain areas of retained EU law to the regulators within a system established by government and Parliament
The Future Regulatory Framework Review was announced June 20, 2019, with the objective of reviewing the financial services regulatory framework in UK to ensure it remains fit for the future. The Review provides an important opportunity to ensure that the UK maintains a coherent, agile, and internationally-respected approach to financial services regulation that delivers appropriate protections and promotes financial stability.
Comment Due Date: February 09, 2022
Keywords: Europe, UK, Banking, Insurance, Securities, Future Regulatory Framework, HM Treasury, BoE, PRA, FCA
Previous ArticleEBA Revises Guidelines on Recovery Plan Indicators Under BRRD
The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.