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In Supervisory Statement SS31/15, the UK’s Prudential Regulation Authority (“PRA”) updates banks and the large investment firms it supervises on its expectations for their Internal Capital Adequacy Assessment Process (“ICAAP”) and Supervisory Review and Evaluation Process (“SREP”). SS31/15 provides further detail underpinning the high-level PRA expectations set out in its “approach to banking supervision” in the following areas, effective from 1 July 2026:
On 14 October 2025, the UK's Financial Services Authority ("FCA") published Consultation Paper 25/28 on “Progressing Fund Tokenisation” (the "CP"), which it claims will be a key component of future financial services. The CP is addressed to authorised funds, where the FCA regulates both the fund and manager, but elements will be of interest to non-authorised funds where only the manager is FCA-regulated.
Cadwalader attorneys Alix Prentice and Assia Damianova have authored a Client & Friends memo, “The UK’S Prudential Regulation Authority Publishes Near Final Rules Affecting Capital Treatments for SRTs,” which discusses the UK Prudential Regulation Authority’s (“PRA”) recent rules impacting capital treatments for significant risk transfers (“SRTs”).
On October 1, 2025, the European Banking Authority (EBA) published its Work Programme for 2026, setting out actions “for a more efficient regulatory and supervisory framework in the EU.”
The European Central Bank (ECB) has issued a consultation on draft guidelines on the supervisory approach by national competent authorities to coverage of non-performing exposures held by less significant supervised entities, along with associated FAQs.
In Consultation Paper CP24/25, the UK’s Financial Conduct Authority is consulting on how it should extend its reach over cryptoasset activities beyond its existing remit of financial promotions and the prevention of financial crime once firms and individuals conducting the regulated activities set out in the UK’s draft Statutory Instrument (The Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025) comes into force and these firms are required to obtain FCA authorisation to do business in the UK.
On July 15th, the UK Government published the final version of its Financial Services Growth and Competitiveness Strategy. The Strategy aims to “[roll] back regulation that had gone too far in seeking to eliminate risk” in order to drive growth in the financial services sector.
The European Commission has published a draft Regulation amending Delegated Regulation 2015/61 on the eligibility conditions for securitisations in the liquidity buffer of credit institutions.
The UK’s Prudential Regulation Authority has published its final rules and policies in relation to its approach to supervising branches and subsidiaries of international banks headquartered, or part of a group based, outside the UK. Branch reporting requirements and booking models are also covered.
The UK’s Financial Conduct Authority has published its final Policy Statement on Investment research payment optionality for fund managers (PS25/4). The proposal entails allowing fund managers to rebundle payment options for research with execution services, subject to a number of ‘guardrails,’ and PS25/4 represents a loosening of some of those guardrails to add more flexibility for firms choosing to make joint payments for research and execution.