Featured Product

    HM Treasury Issues Proposals on Future Regulatory Framework Review

    November 09, 2021

    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

    Related Articles

    EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis

    The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.

    November 28, 2023 WebPage Regulatory News

    EBA Mulls Inclusion of Environmental & Social Risks to Pillar 1 Rules

    The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.

    October 31, 2023 WebPage Regulatory News

    BCBS Consults on Disclosure of Crypto-Asset Exposures of Banks

    As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.

    October 19, 2023 WebPage Regulatory News

    BCBS and EBA Publish Results of Basel III Monitoring Exercise

    The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.

    October 18, 2023 WebPage Regulatory News

    PRA Updates Timeline for Final Basel III Rules, Issues Other Updates

    The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.

    October 18, 2023 WebPage Regulatory News

    US Treasury Sets Out Principles for Net-Zero Financing

    The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.

    October 17, 2023 WebPage Regulatory News

    EC Launches Survey on G7 Principles on Generative AI

    The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.

    October 14, 2023 WebPage Regulatory News

    ISSB Sustainability Standards Expected to Become Global Baseline

    The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.

    September 18, 2023 WebPage Regulatory News

    IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance

    Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.

    September 18, 2023 WebPage Regulatory News

    BCBS Assesses NSFR and Large Exposures Rules in US

    The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.

    September 14, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8938