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UK securitisation regime—timeline This timeline shows key developments relating to the UK securitisation regime from January 2024 onwards. For earlier developments, see EU and UK Securitisation Regulations—timeline [Archived] 2025 Date Source Document Description 22 January 2025 FSB Evaluation of the Effects of the G20 Financial Regulatory Reforms on Securitisation: Final reportEvaluation of the effects of securitisation reforms: Overview of the responses to the consultation FSB has published a report evaluating the effects of the G20 financial regulatory reforms on securitisation markets, focusing on the International Organization of Securities Commissions (IOSCO) minimum retention recommendations and the Basel Committee on Banking Supervision (BCBS) revisions to prudential requirements for bank securitisation-related exposures in residential mortgage-backed securities (RMBS) and collateralised loan obligations (CLO) markets. The report incorporates feedback from a consultation published in July 2024 and is part of the FSB's framework for post-implementation evaluation of G20 financial regulatory reforms.See: LNB News 22/01/2025 42. 2024 Date Source Document Description 22 November 2024 UK Parliament The Securitisation (Amendment) (No. 2) Regulations 2024 SI...
SM&CR Forms—Checklist The following checklist sets out the forms that are relevant to the Senior Managers and Certification Regime (SM&CR). Summaries of forms, their use in complying with the SM&CR, and how to submit, amend and withdraw them, are provided in the Financial Conduct Authority (FCA) Handbook, primarily in: • SUP 10C.15—Forms and other documents and how to submit them to the FCA • SUP 10C Annex 2G—Summary of forms and their use in the Senior Managers Regime Note that for credit unions, the FCA Handbook references will differ—see SUP 10C.15.10. The Prudential Regulation Authority (PRA) provides guidance on submitting, amending and withdrawing forms in the Senior Managers Regime — Applications and Notifications; Fitness and Propriety and Notifications provisions of the PRA Rulebook and on its website . The relevant chapter of the PRA Rulebook should be consulted depending on the sector. Practical guidance on reporting information on Directory Persons (for example staff holding a Certification Function under the SM&CR) to the FCA is set out...
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Regulated activities—flowchart The defined terms in the flowchart shall have the following meaning: • Appointed Representative Regulations—the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001, SI 2001/1217 • Business Order—the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001, SI 2001/1177 • Exemption Order—the Financial Services and Markets Act 2000 (Exemption) Order 2001, SI 2001/1201 • Non-Exempt Activities Order—the Financial Services and Markets Act 2000 (Professions)
Effecting and carrying out contracts of insurance as principal—flowchart Aim of this flowchart Under section 19 of the Financial Services and Markets Act 2000, a person that carries on a regulated activity by way of business in the UK, where there is no applicable exclusion or exemption, must be authorised by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA). This is known as the general prohibition. For more information about the general prohibition and the regulated activities that may be carried
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Financial services firms and insolvency provisions in FSMA 2000 Financial services firms and insolvency provisions in FSMA 2000 The provisions in Part XXIV of the Financial Services and Markets Act 2000 (FSMA 2000) allow the regulators to be involved in insolvency related proceedings against firms and individuals. These rights arise both in respect of authorised firms and recognised investment exchanges, as well as those conducting regulated activities in contravention of the general prohibition (FSMA 2000, ss 19–20). Each section in Pt XXIV indicates the parameters as to when rights accrue, in some cases rights accrue to more than one regulator. Seeking insolvency orders is an important process for the regulators, particularly against firms carrying out unauthorised business. Insolvency proceedings are used against insolvent firms and individuals as well as those which are not technically insolvent but where it would be just and equitable for the firm to cease business. The sections in FSMA 2000 should be considered in the wider context of the legislative treatment...
Offences relating to change in control of UK authorised persons Change in control of authorised persons Part XII of the Financial Services and Markets Act 2000 (FSMA 2000) requires individuals or corporate bodies wishing to acquire or increase control in a UK authorised firm to seek prior approval from the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA). An existing controller must also notify the FCA or PRA when decreasing or ceasing control in a firm. SUP 11 in the FCA Handbook and the Change in Control Part of the PRA Rulebook give full details of the thresholds and requirements. Notifications for acquiring or increasing control are known as section 178 notifications and should be submitted to the FCA or the PRA as soon as a decision is made to acquire or increase control. Prior approval from the appropriate regulator is needed before there is any acquisition or increase in control. For further information on the change of control regime, see Practice Notes: • FSMA...
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Special administration—witness statement in support of application for special administration Applicant [NAME OF WITNESS] First Witness Statement Date: [] Exhibit [XX1] Court Reference No: [INSERT COURT REF. NUMBER] [ IN THE HIGH COURT OF JUSTICE] BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES] [IN [INSERT LOCATION]] [COMPANY & INSOLVENCY LIST (ChD)] OR [IN THE COUNTY COURT AT [INSERT LOCATION]] [BUSINESS AND PROPERTY COURTS LIST] OR [IN THE HIGH COURT OF JUSTICE] [CHANCERY DIVISION] OR IN THE MATTER OF [INVESTMENT BANK NAME] AND IN THE MATTER OF THE INVESTMENT BANK SPECIAL ADMINISTRATION REGULATIONS 2011 AND IN THE MATTER OF THE INSOLVENCY ACT 1986 _________________________________________ WITNESS STATEMENT OF [WITNESS NAME] ___________________________________________ I, [witness name], director [and chairperson] of [investment bank name] of [investment bank address] WILL SAY AS FOLLOWS: 1 I am [a director and] [the chairperson] of [investment bank address] with company number [company number] (the Company). The Company is a wholly-owned subsidiary of [insert details], a company incorporated in [location]. It is in...
Policy—regulatory references 1 Introduction 1.1 The Financial Conduct Authority (FCA) and the Prudential Regulation authority (PRA) (together the Regulators) require firms that are authorised by the Regulators (and subject to the Senior Managers and Certification Regime (SM&CR)) to request regulatory references if they are considering:. 1.1.1 permitting or appointing someone to perform a senior management function; 1.1.2 issuing a certificate under the certification regime; and/or 1.1.3 appointing a non-executive board director. 1.2 These regulatory references are designed to assist prospective employers to assess whether an individual applying for an applicable regulated function is fit and proper to hold that role. 1.3 To enable a prospective employer to assess the fitness and propriety of a candidate for a regulated function, organisations that fall within the SM&CR must provide upon request a regulatory reference that covers the individual for the preceding six years (and, in certain circumstances, longer). It is essential that we comply with our regulatory obligations in obtaining and in responding to such requests, as the failure to...
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Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...
Where a firm applies to cancel its Part 4A permission why is the effective date of the cancellation required to be after the date the firm ceases all regulated activities? The Supervision Manual (SUP) within the Financial Conduct Authority (FCA) Handbook states at SUP 6.4.3G that the relevant regulator (the Prudential Regulation authority (PRA) or the FCA) will not grant an application for cancellation of Part 4A permission until the firm can demonstrate that it has ceased carrying on all regulated activities under that permission. A firm will be therefore be expected to demonstrate to the relevant regulator that it has ceased carrying on regulated activities. For example, the firm may be asked to provide evidence that a transfer of business (including, where relevant, any client money, customer assets or deposits or insurance liabilities) is complete. Otherwise, the firm could be in a position where it is carrying on regulated activities without a Part 4A permission. More detail is provided in SUP 6.4.19G. The relevant regulator will usually...
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This week's edition of Insurance weekly highlights includes: Cosmetics studios sue Beazley over coronavirus (COVID-19) business losses; Air India crash likely to cost insurers US$200m; Lost Russian jets ruling has global implications for insurers; UK insurers press government for long-term flood resilience plan; EIOPA reveals findings from first EU mystery shopping exercise on insurance investment products; plus dates for your diary and key recent cases.
The Bank of England (BoE) has published a speech by the Prudential Regulation Authority (PRA) executive director of prudential policy, David Bailey, delivered at Risk Live Europe. In the speech, Bailey outlined how the PRA is embedding its Secondary Competitiveness and Growth Objective (SCGO) into its regulatory framework to support innovation in the UK banking and insurance sectors. He emphasised that fostering innovation—while maintaining financial stability—is essential to enhancing the sector’s resilience, efficiency, and global competitiveness. The PRA aims to strike a balance between regulatory certainty and flexibility, enabling firms to invest confidently in emerging technologies such as artificial intelligence, digital payments, and cloud infrastructure.
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