The PRA has published its final policy on the requirements for non-systemic UK banks and building societies to prepare for a solvent exit. The new rules require all firms in scope to prepare for an orderly solvent exit as...more
On 28 September, HM Treasury (the Treasury) and the Prudential Regulation Authority (PRA) published consultation papers on the proposed near-term reforms to ring-fencing measures... The Treasury also published its response to...more
The CRDVI proposals appear to have taken something of a back seat for firms following the Council’s compromise text. Following the Commission proposal (the Proposal - discussed here) and the Council compromise text (the...more
This paper discusses the way forward for the UK as it moves out of the legislative orbit of the EU and commences the wider regulatory reform programme proposed by the UK government.
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The Financial Services and Markets Bill establishes a new framework for the Bank of England’s regulation of Financial Market Infrastructure (FMI) and in particular central counterparties (CCPs) and central securities...more
As highlighted in our recent article, the Chancellor has proposed an end to the bankers ‘bonus cap’ introduced in 2014. Set out here are some early thoughts on the challenges banks might face if this were to happen and the...more
2022 looks set to be another year dominated by regulatory reform for financial services firms. This document considers a number of key wholesale market developments including the latest on the MiFID Review and other financial...more
The European Commission has finalised its proposed ESG-related changes to MiFID II. These are intended to fit together with SFDR, and are part of a suite of ESG related changes being made via amends to AIFMD, the UCITS...more
As part of the proposed Banking Package (CRDVI), the European Commission has proposed a harmonised EU regulatory framework for third country bank branches.
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The first step in shaping the UK's financial services regime post-Brexit.
On 29 April 2021, the Financial Services Act 2021 (the Act) received Royal Assent. It is seen as the UK’s first step in control of the financial...more
Certain UK incorporated holding companies of banks and investments firms will, for the first time, be required to obtain PRA authorisation in 2021. The required applications for authorisation are detailed and will require...more
We look at the architecture of the new European regulatory framework and some of the key areas relevant to the corporate structure of UK and other European financial institutions....more
On 9 November 2015, the Financial Stability Board (FSB) issued its Principles establishing a new international standard for “total loss absorbing capacity” (TLAC) for global systemically important banks (G-SIBs). According to...more
The UK Prudential Regulation Authority (PRA) has published a consultation paper on operational continuity for larger retail and investment banks. It follows on from a 2014 discussion paper on the topic and sets out proposals...more