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FSB Commonwealth of Independent States group discusses risks relating to high debt levels and crypto assets
On the 25 November 2021, the Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Commonwealth of Independent States (CIS) met to discuss key risks relating to high debt levels and crypto assets.
On the 25 November, 2021, the Central Bank of Ireland issued a consultation paper 145 to industry in relation to a proposal to: (1) introduce macroprudential limits on leverage and (2) provide regulatory guidance to reduce the potential for liquidity mis-matches in AIFMD compliant property funds, which are Irish-authorised and investing over 50% directly or indirectly in Irish property.
The UK Government has committed to a net-zero economy by 2050. At the same time, heightened investor demand for sustainable investments means that Environmental, Social and Governance (ESG) issues are at the top of the UK regulators’ agenda at the moment. Against this backdrop, the Financial Conduct Authority (FCA) has published new draft rules regarding climate-related financial disclosures for asset managers, life insurers and FCA-regulated pension providers.
HM Treasury has published its much-anticipated consultation on the Regulation of “Buy-Now Pay-Later” products. The prospect of further regulation for BNPL will have consequences for merchants, third-party BNPL finance providers, and the consumer.
On 3 November 2021, the Payment Systems Regulator (PSR) published its final report on its market review into the supply of card-acquiring services MR 18/1.8 (the Report).
In the Report, the PSR states that for the largest merchants with annual card turnover above GBP50 million, the market review did not find any evidence that the supply of these services does not work well.
Central Bank of Ireland sets out supervisory expectations of regulated firms regarding climate change
As corporates, investors and the general public watch closely for positive developments at the 26th UN Climate Change Conference of the Parties, the Central Bank of Ireland took the opportunity on the 3rd November, 2021 to issue a letter to Chairs and CEOs of Regulated Financial Services Providers in Ireland to highlight the statutory obligations and supervisory expectations relating to climate and broader environmental, sustainability and governance issues.
The FCA’s allocated landing slots for Alternative Investment Fund Managers marketing Alternative Investment Funds in the UK under the FCA’s Temporary Permissions Regime will close on 1 November 2021.
On 13 October 2021, the Financial Ombudsman Service announced a refresh of its guidance on making awards for distress or inconvenience. Whilst its approach has not changed, feedback from stakeholders has led to more detailed guidance being published which the FOS hopes will help financial businesses and their customers reach a fair outcome.