HM Treasury Issues Proposals on Future Regulatory Framework Review
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.
Related Links
Comment Due Date: February 09, 2022
Keywords: Europe, UK, Banking, Insurance, Securities, Future Regulatory Framework, HM Treasury, BoE, PRA, FCA
Previous Article
EBA Revises Guidelines on Recovery Plan Indicators Under BRRDRelated Articles
EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
EP Reaches Agreement on Corporate Sustainability Reporting Directive
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
PRA Consults on Model Risk Management Principles for Banks
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
EC Regulation Amends Standards for Calculating Credit Risk Adjustments
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
BIS Hub Updates Work Program for 2022, Announces New Projects
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
EIOPA Consults on Review of Securitization Framework in Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
UK Authorities Issue Regulatory and Reporting Updates for Banks
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
BCBS Issues Climate Risk Principles while HKMA Expresses Its Support
The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.
