ESAs announce DORA oversight timeline
Welcome back to this edition of RegFocus!
Your trusted source for the latest regulatory updates across the world.
In this edition, we cover the latest updates from the following:
United Kingdom
United Kingdom Bank of England consults on fundamental rules for financial market infrastructures
The Bank of England has opened a consultation to define new rules for financial market infrastructures, such as CCPs and CSDs. These rules aim to enhance governance, financial resilience, and innovation. Responses are due by February 19, 2025.
PRA finalises rules replacing Solvency II Assimilated Law
The Prudential Regulation Authority (PRA) has published its final rules to replace the Solvency II framework, introducing a streamlined regulatory regime that supports insurance sector growth and competitiveness. Full implementation is expected by the end of 2024.
Europe
EBA updates CET1 instruments list
The EBA has revised its list of Common Equity Tier 1 (CET1) instruments to reflect expired grandfathering provisions, new inclusions, and changes to national legislation. This update enhances transparency in capital instrument classification.
ESAs announce DORA oversight timeline
The ESAs outlined the timeline for designating critical ICT third-party providers under DORA. Financial entities must prepare early to meet contractual reporting obligations by April 2025.
ESMA proposes transition to T+1 settlement by 2027
ESMA has advocated for moving to a T+1 settlement cycle by October 2027. This aligns with global standards and aims to enhance efficiency, reduce risks, and lower costs, despite requiring significant infrastructure investments.
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United States
United States Federal Reserve reviews monetary policy strategy
The Federal Reserve has begun its periodic review of monetary policy tools and strategies. Public outreach and discussions will culminate in a report in 2025, reflecting lessons from the past five years.
Fed announces payment services pricing for 2025
Effective January 1, 2025, the Federal Reserve's payment services, including FedNow, will see an average price increase of 2.8%, aimed at recovering operational costs and promoting long-term service sustainability.
Join us for a focused panel discussion with leading experts as we explore the potential trajectory of financial regulation under a Trump 2.0 administration and its implications for the Basel Endgame.
Canada
Canada OSFI updates mortgage and liquidity guidelines
The Office of the Superintendent of Financial Institutions (OSFI) has released updates to the Mortgage Insurer Capital Adequacy Test and Liquidity Adequacy Requirements to strengthen Canada’s financial stability. These guidelines address emerging risks and align with Basel III reforms.
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