FS regulatory affairs newsletter – Q2 2023

In continuation of our previous FS regulatory affairs newsletter, this edition highlights the key regulatory updates from the second quarter of 2023.

Below are five key areas that we identified as pertinent to the Financial Services industry – further information on each of these areas can be accessed via the dedicated links below.

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Banking – Q2 2023

Q2 2023 saw a number of regulatory publications concerning the banking sector. Most significantly, the Bank of England published a Supervisory Statement (SS 1/23) on Model Risk Management which sets out new regulatory expectations for non-IRB firms. We also discuss the outcomes stemming from a recent Bank of England Consultation Paper on ‘Solvent Exit’ (a new Recovery & Resolution concept from the...

Insurance – Q2 2023

UK regulators published a wealth of materials for insurers in the second quarter of 2023. Below we provide a detailed overview of these publications and highlight what firms’ management should focus on.

Climate and sustainability – Q2 2023

With an increasing emphasis on sustainability, international and UK oversight bodies issued new publications that foreshadow the imminent introduction of new standards. A summary of these updates is provided below.

Crypto – Q2 2023

As the spectre of high-profile incidents, including the collapse of the FTX trading platform, continues to hang over the crypto sector, global regulators have continued to implement and consult on stability-promoting regulatory measures. Among commentators, there is increasing sentiment that the development of clear cryptoasset regulatory environments will incubate, rather than inhibit, further innovation.