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  • BIS: Gatekeeping the gatekeepers: when big techs and fintechs own banks – benefits, risks and policy options

    20/01/2022
    This BIS FSI Insights paper considers the merits of extending a banking licence to tech firms and explores their regulatory landscape... in seven jurisdictions, including the UK and EU.
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  • ESMA: Valuation of UCITS and open-ended AIFs

    20/01/2022
    ESMA is launching a common supervisory action with national competent authorities on the valuation of UCITS and open-ended AIFs across the... EU. This will assess compliance of supervised entities with the relevant valuation-related provisions in the UCITS and AIFMD frameworks, in particular the valuation of less liquid assets, and will be conducted throughout 2022.
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  • FCA: CP22/2: Strengthening our financial promotion rules for high risk investments, including cryptoassets

    19/01/2022
    In this CP, FCA has set out proposals to ensure that firms that approve and communicate financial marketing have relevant expertise... and understanding of the investments being offered, improve risk warnings on ads and ban incentives to invest, for example new joiner or refer-a-friend bonuses. Those looking to make certain high-risk investments would also be asked more robust questions about their knowledge and investment experience, after research (published by FCA – see second link below) found many consumers were investing without being aware of the risks. FCA’s draft rules include proposed restrictions on the marketing of cryptoassets, in preparation for the Government bringing the promotion of these high-risk investments under FCA’s remit. When it does, FCA plans to categorise qualifying cryptoassets as “Restricted Mass Market Investments”, meaning consumers would only be able to respond to cryptoasset financial promotions if they are classed as restricted, high net worth or sophisticated investors. Firms issuing such promotions would have to adhere to FCA rules. Responses are required by 23 March 2022. FCA anticipates confirming its final rules in summer 2022. 
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  • FCA: FG15/8: FCA's powers and procedures under the Competition Act 1998

    19/01/2022
    FCA has published this revised guidance which, amongst other matters, includes a section clarifying the regulator’s competition powers following Brexit; clarifies... FCA’s competition law jurisdiction with regard to claims management services and makes procedural changes that reflect changes adopted by CMA.
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  • The Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022/31

    19/01/2022
    The SI makes changes to reporting requirements by certain companies to produce additional disclosures in line with TCFD recommendations. (Date in... force: 6 April 2022)
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