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Global Regulation Tomorrow Plus: Financial services regulation and the carbon markets – the Australian perspective

In this latest episode of Global Regulation Tomorrow Plus Elisa de Wit, Vittorio Casamento and Simon Lovegrove explore the carbon market generally and then discuss the Australian financial services regime for carbon credits and when to apply for an AFS licence. Listen to the podcast here.

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FCA publishes findings from multi-firm review of liquidity risk management at wholesale trading firms

On 10 March 2025, the Financial Conduct Authority (FCA) published the findings from its multi-firm review of liquidity risk management at wholesale trading firms. Background The FCA notes that, over the past few years, it has engaged with firms that had experienced instantaneous and firm-specific liquidity shocks during stress events such as the COVID pandemic, the Russia/Ukraine war, the nickel price spike, energy price volatility and others. Those liquidity shocks included large cash outflows due to margin-calls, buy-ins of large open short settlement positions, and instances of poor management of client relationships. Recent Dear CEO letters to sell-side firms (including to wholesale brokers in January 2023 and January 2025, to principal trading firms in August 2023 and to wholesale banks in September 2023) have seen the FCA flag various issues and expectations relating to liquidity risk management. The FCA flags that sell-side wholesale firms subject to the IFPR should, by definition, not be globally systemic; however, many are key participants in certain specific markets like commodities, metals, and energy, whose structure differs from equities, fixed income or derivatives. It warns that a disorderly failure of one or more of these firms in these markets has the potential to amplify market wide shocks and could cause significant disruption, as they provide crucial clearing and settlement services to other market participants and could pose contagion risk if they fail.   Key findings In its findings, the FCA summarises its observations from the multi-firm review it carried out of liquidity risk management at a range of wholesale trading (sell-side) firms, particularly brokers, that are in scope of the Investment Firms Prudential Regime (IFPR). Key observations included: Many firms were applying approaches to liquidity management that were appropriate and proportionate to the nature, scale and complexity of their business model. However, some had weaker approaches that were not commensurate with their size, complexity and the instantaneous nature of their liquidity risks. Often these firms had not updated their assumptions in the light of the events of the last few years. Several firms had weaknesses in their approach to liquidity stress testing and contingency funding plans that lacked a range of contingency actions to allow them to mitigate even commonly identified liquidity stress scenarios in a timely manner. The FCA flagged that these findings reinforce the message from their Dear CEO letters regarding a lack of experience and under-estimation of the severity of events. All firms in the study identified intra-day (T0) and inter-day (T1) stressed cash outflows as their primary liquidity risk, with firms modelling, on average, 80% of their stressed liquidity outflows occurring on T0 or T1. The findings also set out the good and poor practices identified by the FCA in the following areas: governance and risk culture; stress preparedness; contingency funding plans and wind-down plans; and liquidity risk management capabilities. The FCA suggests that similar firms reference these good and poor practices to strengthen their approach to liquidity risk management. Actions Following the reviews, the FCA provided direct feedback to all in-scope firms, including identified weaknesses and areas for improvement. Where it identified potentially critical weaknesses, firms were provided with prompt initial feedback. The FCA plans to continue to use these and other regulatory tools where it finds firms are not properly managing their liquidity risks. Next steps The FCA explains that the publication setting out its findings is part of a broader communication process, and that it plans to organise roundtables with firms, industry trade bodies and consultants to share its observations and findings. It also intends to take questions and participate in practical discussions aimed at improving liquidity risk management in the sector and encourage adoption of good practices.

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FCA publishes feedback statement on shareholder vote reporting by asset managers

On 10 March 2025, the Financial Conduct Authority (FCA) published a feedback statement on vote reporting, produced by the Vote Reporting Group. Background The Vote Reporting Group was established in November 2022 to develop detailed proposals to enhance shareholder vote reporting by asset managers operating in the UK. The group is comprised of members from across the investment community, including investment managers, pension funds, insurers, companies, investment consultants, proxy advisers and non-governmental organisations, with the FCA acting as group Secretariat. In June 2023, the group published a consultation and discussion paper which proposed a voluntary, standardised and comprehensive vote reporting template for asset managers to communicate to asset owner clients on their voting activity. The paper also explored the case for the vote reporting template being a public registry Feedback statement The feedback sets out the summarises the feedback it received to the consultation paper, in relation to both the vote reporting template and the public registry. It also sets out the group’s response to that feedback. On the vote reporting template, the group confirms that the template will include: Standard fields. These will mostly remain as consulted on, with an added field to distinguish between the country of incorporation and the country of trade, and some changes to field names and categories to better align with market terminology. Vote category fields, which have been updated to offer more options for users (with the aim of improving the accuracy of the information). A narrative rationale field, which will remain ‘single tier’ and will allow users to select up to 5 categories. The template will be owned and managed by the Pensions and Lifetime Savings Association. Next steps The group confirms that there is no immediate action for firms to take regarding their vote reporting. All next steps firms can take are set out in the PLSA’s FAQ document, and the group and the PLSA plan to continue engaging with stakeholders during the year to deliver and embed the template. The template is expected to be operational and ready for firms to use from early 2026.

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FCA and ICO announce industry roundtable on supporting AI, innovation and growth in financial services

On 10 March 2025, the Financial Conduct Authority (FCA) published a letter on supporting artificial intelligence (AI), innovation and growth in financial services, which was written jointly by the FCA and the Information Commissioner’s Office (ICO) and addressed to Trade Association chairs and CEOs. Background In the letter, the FCA and ICO explain that they recognise the ongoing importance of providing the financial services sector with regulatory clarity and certainty around the use of AI and other technologies in ways that support responsible innovation and create benefits for the public. They highlight their collaborative work to help industry navigate the requirements of UK financial and data protection regulations, including through regular ICO participation in FCA TechSprints, joint statements on customer communications, and involvement in the Digital Regulation Cooperation Forum (DRCF)’s AI and Digital Hub pilot. Roundtable The FCA and ICO highlight a recent FCA and Bank of England survey, which identified data protection and the Consumer Duty as being in the top three regulatory constraints to AI deployment within financial services. They note their concern that these results seem to show a lack of confidence among some firms to develop and adopt AI technology, as well as potential uncertainty around the interactions between the regulatory regimes. In light of this, to help further develop their understanding of the challenges faced by firms and ensure they are continuing to provide effective advice and guidance, the FCA and ICO plan to host a roundtable with industry leaders in London on 9 May 2025. Topics for discussion at the roundtable will include: The broad areas of regulatory uncertainty and challenge that industry/firms face in respect of AI adoption and wider innovation. How the ICO and FCA can work together with industry to provide greater regulatory certainty and support growth. The specific areas of data protection and financial regulation in which greater regulatory support is needed in order to enhance the ability to innovate and adopt new technologies. Stakeholders interested in attending the roundtable are asked to contact the FCA by 21 March 2025.

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Digital Markets, Competition and Consumers Act 2024 (Commencement No. 2) Regulations 2025

On 4 March 2025, the Digital Markets, Competition and Consumers Act 2024 (Commencement No. 2) Regulations 2025 were published on legislation.gov.uk. These Regulations bring into force certain provisions of the Digital Markets, Competition and Consumers Act 2024 (Act) on 6 April 2025 and bring further provisions, relating to consumer savings, into force on 1 January 2026. These are the second commencement Regulations made under the Act.

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FCA invites applications for a bond consolidated tape provider

On 7 March 2025, the Financial Conduct Authority published a new webpage stating that it is starting the process of appointing a bond consolidated tape provider. The FCA has already published a Tender Notice which sets out the key features of the procurement. Those interested in bidding are invited to register on the FCA’s procurement portal and submit any questions they may have on the tender documents. Applications for the first stage of the tender close on 25 April 2025.regulation an

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Consumer Support Outcome: good practices and areas for improvement

On 7 March 2025, the Financial Conduct Authority (FCA) published a new web page which sets out the findings from its review of firms’ approaches to the consumer support outcome of the Consumer Duty. The examples of good practices and areas of improvement are intended to help firms understand the FCA’s expectations. In May 2024, the FCA carried out an initial quantitative survey of 407 retail financial services firms across the banking, insurance, payments, consumer finance, and investments sectors. It received 356 responses. The FCA found that most firms were considering how the support they provide meets their customers’ needs. However, areas for improvement included: Aligning support processes to the target market. The FCA expects all firms – regardless of their size and business models – to design their support services around the needs of their customers. This means understanding their customer base and identifying where there are specific needs. The FCA wants to see firms think innovatively to find new ways of serving customers well. Making post sale support as accessible and effective as pre-sale support. Firms should consider their end-to-end support journeys and not disproportionately focus on pre-sales over after-sales support. Embedding a culture within step of the duty. Some firms were unable to demonstrate substantive steps taken to drive cultural change in line with the Duty. Some firms failed to evidence appropriate training and other measures that enable their staff to understand their role in delivering good outcomes. Monitoring a broader range of outcomes about effective customer support. Some firms relied on transactional metrics, such as contact rates and wait times, or took a solely reactive approach in their monitoring, relying on customer feedback or complaints to identify issues. Where the customer support function is outsourced to a third-party provider, the FCA saw mixed progress of firms implementing effective MI oversight or information flow with the third-party firm.

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FCA CP25/4: Quarterly Consultation Paper No. 47

On 7 March 2025, the Financial Conduct Authority (FCA) published Consultation Paper 25/4: Quarterly Consultation Paper No. 47 (CP25/4). In CP25/4 the FCA sets out various proposed miscellaneous amendments to the Handbook. In summary these are: Chapter 2 – Annual consultation for TC Appendix 4 and the Glossary to amend the names and activity numbers of appropriate qualifications and providers where there have been changes and move qualifications no longer offered to Part 2B of the table. Chapter 3 – To re-align the disclosure requirements in BCOBS 4.3.4R(2) for non-ring-fenced bodies with the geographic scope of core deposits which must be ring-fenced, following changes to legislation. Chapter 4 – To ensure that the Financial Services Compensation Scheme’s electronic assignments (set out in COMP 7.2.3AAR) are compatible with and acknowledge requirements set out in Scots law. Chapter 5 – To amend UKLR 11.5.5R (relevant related party transactions) to include a requirement from the old listing rules (LR 11.1.7R(4)) which, in summary, had the effect of requiring the company to exclude the related party and their associates from voting on the shareholder resolution on the transaction. Chapter 6 – To amend DISP to clarify the eligibility of complaints made against firms with whom the complainant has an indirect relationship, where the complainant is a beneficiary or a person with a beneficial interest in a personal pension scheme or stakeholder pension scheme. Next steps The deadline for comments on chapters 2, 3, 4 and 5 is 14 April 2025. The deadline for comments on chapter 6 is 5 May 2025.

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MiCAR – Quick guide to Member State authorisations

The Markets in Crypto-Assets Regulation (MiCAR) introduces a new regulatory framework for crypto-assets in the EU. Published in the OJ in June 2023, it became applicable to issuers of ARTs and EMTs on 30 June 2024 and to CASPs on 30 December 2024. In order to operate in the EU CASPs must be authorised and in a new publication we provide a short guide on the steps certain Member States have taken in this regard. Even though the UK is no longer part of the EU, it is developing a similar licensing requirement, and our guide covers this too. To get a copy of the guide please contact Simon Lovegrove.

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US Regulatory Intelligence update – Treasury Department to Limit Beneficial Ownership Information Reporting Rule

The Treasury Department announced that it will not enforce penalties or impose fines for failure to comply with the Corporate Transparency Act’s beneficial ownership information reporting rule. The full update can be found here on our US Regulatory Intelligence platform.

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US Regulatory Intelligence update – SEC Commissioner Peirce Ramps Up Crypto Task Force

SEC Commissioner Hester M. Peirce filled senior positions for the new Crypto Task Force. The full update can be found here on our US Regulatory Intelligence platform.

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ECB staff response to Commission’s call for evidence on a targeted amendment to the prudential treatment of securities financing transactions under the NSFR

On 7 March 2025, the European Central Bank (ECB) issued its staff response to the European Commission’s (Commission) call for evidence on a targeted amendment to the prudential treatment of securities financing transactions (SFTs) under the net stable funding ratio (NSFR). The Commission’s initiative aims to make permanent the current transitory prudential treatment of SFTs and unsecured transactions with a residual maturity of less than six months, undertaken with financial customers, for the purposes of the NSFR. The response notes that with respect to short-term SFTs backed by collateral in the form of Level 1 assets, including EU sovereign bonds, ECB staff have considered the impact of the targeted amendment proposed by the Commission on SFT market functioning and financial stability. On balance, in view of concerns about market functioning and the associated implications for the implementation of monetary policy, ECB staff support extending the current treatment of short-term SFTs backed by Level 1 collateral, for example by five years, as a temporary measure, which should be subject to a review clause.

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ESAs acknowledge Commission’s amendments to the draft RTS on subcontracting under DORA

Earlier this year the European Commission (Commission) announced that it was rejecting the draft Delegated Regulation supplementing the Digital Operational Resilience Act (DORA) with regard to regulatory technical standards (RTS) on subcontracting ICT services supporting critical or important functions. The basis of the rejection was that the requirements introduced by Article 5 of the draft RTS on the “Conditions for subcontracting relating to the chain of ICT subcontractors providing a service supporting a critical or important function by the financial entity” went beyond the empowerment given to the European Supervisory Authorities (ESAs) by Article 30(5) of DORA as introducing requirements not specifically linked to the conditions for subcontracting. The Commission considered that Article 5 of the draft RTS and the related recital 5 should be removed to ensure compliance with the mandate set out in DORA. On 7 March 2025, the ESAs issued an Opinion acknowledging the assessment performed by the Commission and confirmed that the amendments proposed ensure that the draft RTS is in line with the mandate set out under DORA. For this reason, the ESAs do not recommend further amendments to the draft RTS in addition to the ones proposed by the Commission. The ESAs encourage the Commission to finalise the adoption of the draft RTS without further delay.

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FCA taking steps to improve access and flexibility for mortgage borrowers

On 7 March 2025, the Financial Conduct Authority (FCA) published a new webpage where it outlines the flexibility for firms in the interest rate ‘stress test’ rule and considers the effect of future rate rises on mortgage affordability. As interest rates fall, the current market approach to interest rate stress testing may be unduly restricting access to otherwise affordable mortgages. The FCA wants to ensure firms are aware of the flexibility its rules provide, and that creditworthy consumers can access the affordable mortgage they need, supporting home ownership. The FCA also explains that it is carrying out a review of the mortgage rules, including the responsible lending rules. MCOB 11.6.18R is being evaluated as part of this review. The FCA will shortly issue a call for evidence on the impact of this rule. The FCA has also written to the Economic Secretary to the Treasury regarding simplifying responsible lending and advice rules for mortgages and has outlined further plans that include: Later this month, the FCA will be working with experts, including from the mortgage sector, through an Open Finance Sprint to explore how smart data can enhance mortgage products and services. In May, the FCA will consult on proposals to make it easier for consumers to remortgage with a new lender, reduce their overall cost of borrowing through term reductions and discuss their options with a firm outside a regulated advice process. It will also consult to retire outdated regulatory guidance, such as its maturing interest-only mortgage guidance.  In June, the FCA will launch a public discussion on the future of the mortgage market. This will include consideration of risk appetite and responsible risk-taking, alternative affordability testing and product innovation, lending into later life and consumer information needs.

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Delivering good outcomes for customers in vulnerable circumstances – good practice and areas for improvement

On 7 March 2025, the Financial Conduct Authority (FCA) published its findings following a multi-firm review of firms’ treatment of customers in vulnerable circumstances. The FCA has also published a review of good and poor practice examples to further help firms provide the right care consistent with the Consumer Duty. Key findings The FCA evaluated firms’ actions in line with Finalised Guidance 21/1: ‘Guidance for firms on the fair treatment of vulnerable customers’ (FG21/1) so to test how firms are supporting customers in vulnerable circumstances and consider whether its existing vulnerability guidance remains appropriate in light of the Consumer Duty. Whilst the FCA found that consumers were able to report good examples of firms responding flexibly to meet their needs and offer tailored support, consumers continue to report challenges, particularly if they have multiple characteristics of vulnerability. Key findings from the multi-firm review include: 44% of customers in vulnerable circumstances reported a negative experience with a financial services firms compared to 33% of customers not in vulnerable circumstances. 42% say they have disclosed personal circumstances to firms: 19% said they were encouraged to do so by the firm. 22% felt it was necessary given their circumstances. Good and poor practices The FCA encourages firms to make use of the examples of good practice and areas for improvement.  The FCA has these out under the following headings:  Governance and outcomes monitoring. Consumer support. Consumer understanding. Products and services. In terms of governance, an area of good practice that the FCA found was that 79% of respondent firms said their senior leadership had active involvement such as reviewing governance arrangements, processes and systems. And 70% said their senior leadership was responsible for delivering good outcomes for customers in vulnerable circumstances. However, an area of poor practice that the FCA picked up on was a lack of engagement, challenge and direction from some senior leaders. The FCA found that most firms had established organisation-wide vulnerability policies but only 39% of firms had formal governance bodies or committees that oversee and influence outcomes for customers in vulnerable circumstances. During the multi-firm review the FCA saw that firms best supporting consumer understanding tended to make sure communications are clear and written in plain English. They also communicated in a timely way, tailored communications to target markets / customer bases and offered channels that met the particular needs of customers in vulnerable circumstances. Furthermore they tested consumers’ understanding of communications and made changes where required. As for areas of improvement, the FCA’s consumer research (see below) found that customers in vulnerable circumstances were less likely than others to say their financial service provider’s communication channels met their needs. This applied across all main drivers of vulnerability and was particularly pronounced for those who had low confidence in managing their money. As for consumer support, an identified good practice was that following multi-firm work on power of attorney (PoA) and bereavement customer journeys in retail banks and building societies, the regulator found that most firms were taking steps to identify signs of vulnerability and encourage customers to disclose their needs. Examples of good practice included using centralised systems to store information about a customer’s circumstances or needs, which could be accessed by colleagues across almost all of a firm’s retail business areas. This meant customers did not have to repeat potentially sensitive information. An area for improvement was that the FCA found that taking steps to identify signs of vulnerability and encourage customers to disclose their needs was challenging for most firms. In particular, the regulator saw this in firms that have primarily digital customer journeys. In its multi-firm work on PoA and bereavement customer journeys, the FCA saw some firms adhere rigidly to standardised processes for PoAs and fail to respond flexibly to customers’ or customer representatives’ needs. For example, in some instances, staff did not tailor their approach for acutely distressed representatives. With regard to products and services the multi-firm review showed that firms are yet to make significant progress in product and services design. Firms should consider this as a focus area as they continue to embed the Consumer Duty. Good practice included product design teams engaging with third parties (for example charities for specific disabilities) with relevant knowledge when reviewing and designing products. Areas for improvement included that product and service design staff may rarely receive vulnerability training. Just over half (54%) of firms who told the FCA they had training in place for non-frontline staff answered that training or internal guidance for those staff included how vulnerability is relevant to their specific role and how to implement this in practice.  FG21/1 The FCA will not be updating FG21/1, as it has concluded that it remains appropriate and helpful alongside the Consumer Duty, based on feedback from the multi-firm review. Consumer research The FCA has also published consumer research (dated May 2024, published 7 March 2025).

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ECB amends earlier decision on the reporting of information on remuneration, gender pay gap, approved higher ratios and high earners for the purposes of benchmarking

On 6 March 2025, there was published in the Official Journal of the EU, Decision (EU) 2025/451 of the European Central Bank (ECB) of 21 February 2025 amending Decision (EU) 2024/461 on the reporting by Member State competent authorities (NCAs) to the ECB of information on remuneration, gender pay gap, approved higher ratios and high earners for the purposes of benchmarking. The ECB has amended its earlier decision in light of the European Banking Authority (EBA) issuing guidelines on the benchmarking of diversity practices, including diversity policies and gender pay gap, on 18 December 2024. These EBA guidelines set out the process on how a representative sample of institutions should be formed and specify, for the purposes of the harmonised benchmarking of diversity practices at the level of the management body, the information to be provided to NCAs and from NCAs to the EBA, including information disclosed in accordance with Article 435(2), point (c), of the Capital Requirements Regulation (CRR). The EBA guidelines also specify, for the purposes of the harmonised benchmarking of the gender pay gap at the level of the management body, the information to be provided to NCAs and from NCAs to the EBA in accordance with Article 75(1) of the Capital Requirements Directive IV. In view of the issuance of the EBA guidelines, ECB Decision (EU) 2024/461 now includes the collection of data on diversity practices at the level of the management body, including information disclosed in accordance with Article 435(2), point (c), of the CRR, and data on diversity policies and the gender pay gap at the level of the management body.

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The Republic of North Macedonia and Moldova now part of SEPA payment schemes’ geographical scope

On 6 March 2025, the European Payments Council (EPC) issued a press release stating that it had approved the inclusion of the Republic of North Macedonia and Moldova in the geographical scope of the Single Euro Payments Area (SEPA) payment schemes. The press release adds that: All existing EPC payment scheme participants will be able to send or to receive SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst) and SEPA Direct Debit (SDD) transactions to and from SCT, SCT Inst and SDD scheme participants from North Macedonia and Moldova as of when their financial institutions will have adhered to the respective scheme(s). The adherence of financial institutions from these countries to the SEPA payment schemes, according to the EPC calendar, will be enabled starting from April 2025. The Operational Readiness Date for payment service providers from the Republic of North Macedonia and Moldova is set for 5 October 2025.

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PSR publishes final report on market review of card scheme and processing fees

On 6 March 2025, the Payment Systems Regulator (PSR) published the final report of its market review into card scheme and processing fees (MR22/1.10). Background The PSR explains that it is crucial this market works well, as cards are the most popular way for consumers to pay for goods and services in the UK. Each time someone uses a debit or credit card for transactions with UK businesses, those businesses pay scheme and processing fees, some of which are mandatory or core and some of which are optional. Following increases in these fees, PSR has been examining their levels to understand whether they, or other factors, indicate the market is not working well. Findings Through its market review, the PSR found that between 2017 and 2023, core scheme and processing fees were raised by more than 25% in real terms. It also found that the schemes do not provide sufficiently clear and detailed information to acquirers or merchants, resulting in them receiving complex or incomplete information on scheme and processing services and fees, raising both acquirers’ and merchants’ costs and preventing them from negotiating a better deal. As a result of its findings, the PSR plans to consult shortly on potential remedies to address the issues identified in the report.

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Global Regulation Tomorrow Plus: Consumer Composite Investments mini-series – Episode 1 – Setting the scene

In the first in our new mini-series exploring the UK’s new Consumer Composite Investments regime, Matthew Gregory, Joe Bamford and Simon Lovegrove set the scene by covering at a high level who the new regime applies to, the impact on unauthorised firms, disclosures and timing generally. Listen to the podcast here.

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EBA consults on draft RTS for AMLA operations

On 6 March 2025, the European Banking Authority (EBA) published a consultation paper setting out draft Regulatory Technical Standards (RTS) as part of its ongoing implementation of the EU’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) package. The draft RTS will be part of the EBA’s response to the European Commission’s (Commission) Call for Advice. The Commission requested the EBA to prepare these draft RTS to support the launch of new EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) operations. The EBA will submit the standards to the Commission on 31 October 2025. The draft RTS address several important aspects of the EU AML/CFT framework, notably: Selection criteria for direct AMLA supervision (Article 12(7) of the Anti-Money Laundering Authority Regulation (AMLAR)): AMLA will initially identify institutions for direct supervision based on their cross-border activities. Subsequently, AMLA will apply a harmonised methodology to assess money laundering and terrorist financing (ML/TF) risks uniformly. ML/TF risk assessment methodology (Article 40(2) of the Sixth Anti-Money Laundering Directive (AMLD6)): Introducing a standardised risk assessment methodology for national supervisors to evaluate inherent risks, effectiveness of controls, and residual risks consistently. This uniform approach is intended to deliver more consistent supervisory outcomes across Member States and reduce compliance burdens for cross-border firms. Customer due diligence (CDD) standards (Article 28(1) of the Anti-Money Laundering Regulation (AMLR)): Establishing a flexible yet clearly defined framework outlining the scope and quality of information institutions must collect during CDD processes. Institutions will retain discretion in selecting appropriate documents and information sources within regulatory parameters, enabling them to balance effective compliance with operational efficiency. Sanctions and administrative measures (Article 53(10) of AMLD6): Setting uniform criteria and indicators for imposing pecuniary sanctions, administrative measures, and periodic penalty payments. This ensures enforcement across the EU is proportionate, effective, and consistent. The consultation runs until 6 June 2025, after which the EBA will review submissions and finalise the RTS for its response to the Commission’s call for advice. The EBA will also hold a virtual public hearing on the consultation paper on 10 April 2025 (registration is required).

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