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Diversity and inclusion on company boards and executive management – Policy Statement 22/3 by the FCA April 2022
On Wednesday 20 April 2022, the FCA published Policy Statement 22/3: Diversity and inclusion on company boards and executive management. This statement sets out the FCA's final policy decision based on their proposals originally outlined in Consultation Paper 21/4. The publication of PS 22/3 has come about as a result of the FCA's conscious efforts to raise the profile of diversity and inclusion (D&I) within the financial services sector. Our March 2021 FinBrief offers a useful background to the introduction of D&I within the financial regulatory sphere.
On 25 March 2022 a joint statement on the future of Open Banking was published by HM Treasury, the Competition and Markets Authority (CMA), the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR). In conjunction with this statement, the CMA also published their response to the consultation they undertook in March 2021 on the future oversight of the CMA's open banking remedies.
On 1 July 2021, Her Majesty's Treasury (Treasury) launched a consultation on proposals to reform the UK's wholesale markets regulatory framework (Consultation).
On 4 April 2022, Her Majesty’s Treasury (the Treasury) published its response (the Response) to its consultation and call for evidence on the UK’s regulatory approach to cryptoassets, stablecoins and distributed ledger technology in financial markets (the Consultation).
The ECB has now finalised its 9-page “non-binding guidance” and it applies as from 1 April, although there is a soft introduction – the “phase-in period” - lasting until 1 October.
On 8 March 2022, the Financial Conduct Authority published a guidance note on points that firms should consider for maintaining appropriate operational and cyber resilience in light of the Ukraine conflict.
The FCA has published a Second Supervisory Notice against Freetrade Limited on the 8 February 2022, which requires Freetrade to remove all paid-for social media promotions and all existing paid-for promotions from its social media channels, citing concerns about its connection with a well-known personal finance influencer on social media.
As a result of the conflict in Ukraine, the UK, the US, the EU and their allies have imposed additional sanctions on Russian state actors and entities of economic and strategic significance to the Russian state, along with targeted restrictions on certain commercial activities with Russia. Sanctions have also been extended to apply to additional individuals and entities in Belarus because of the country's assistance to Russia.