CRD V and BRRD II-derived UK legislation: PRA statement on application of temporary transitional power -
The UK Prudential Regulation Authority (PRA) has published a statement on the application of its temporary...more
Brexit: UK equivalence decisions for EEA states -
HM Treasury has announced its intention to make equivalence decisions in respect of the EEA across a number of financial services areas. ...more
11/16/2020
/ Coronavirus/COVID-19 ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSB ,
Infectious Diseases ,
Prudential Regulation Authority (PRA) ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
Third-Party Relationships ,
UK ,
UK Brexit
Performance fees in UCITS and certain types of AIFs: ESMA guidelines -
The European Securities and Markets Authority (ESMA) has published the official translations for guidelines on performance fees in UCITS and certain...more
EMIR: ESMA report on post-trade risk reduction services -
The European Securities and Markets Authority (ESMA) has published a report on post-trade risk reduction (PTRR) services under the European Market Infrastructure...more
11/16/2020
/ Capital Markets ,
EMIR ,
EU ,
European Benchmark Regulation (BMR) ,
European Securities and Markets Authority (ESMA) ,
Investor Protection ,
MiFID ,
MiFIR ,
SFTR ,
UK ,
UK Brexit
ISDA 2020 IBOR Fallbacks Protocol -
The International Swaps and Derivatives Association, Inc. (ISDA) has published the ISDA 2020 IBOR Fallbacks Protocol. Our separate client alert, ISDA 2020 IBOR Fallbacks Protocol: What...more
11/10/2020
/ CCPs ,
Coronavirus/COVID-19 ,
CSDR ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Infectious Diseases ,
Inter-Bank Offered Rates (IBORs) ,
Interest Rates ,
ISDA ,
MiFID ,
Securities Regulation ,
SFTR ,
UK ,
UK Brexit
AIFMD review: European Commission consultation -
The European Commission has launched a consultation questionnaire relating to its review of the Alternative Investment Fund Managers Directive (AIFMD)....more
10/26/2020
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Asset Management ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Key Information Document (KIDs) ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Retail Investors ,
RTS
ISDA 2020 IBOR Fallbacks Protocol to be launched on 23 October 2020 -
The International Swaps and Derivatives Association, Inc. (ISDA) has announced that the ISDA 2020 IBOR Fallbacks Protocol, which is designed to assist...more
10/20/2020
/ Crowdfunding ,
EU ,
Financial Markets ,
Inter-Bank Offered Rates (IBORs) ,
ISDA ,
MiFID II ,
Ofgem ,
Regulatory Agenda ,
REMIT ,
Securities Regulation ,
UK
ESMA guidelines on liquidity stress testing in UCITS and AIFs: FCA comment -
Among other things covered in its latest Regulation round-up, the UK Financial Conduct Authority (FCA) comments on the European Securities and...more
MiFIR: FCA statement on trade reporting and position limit obligations -
The UK Financial Conduct Authority (FCA) has published a statement on trade reporting and position limit obligations under the Markets in Financial...more
COVID-19: PRA letter to credit unions and direction modifying minimum provisioning requirements -
On 7 October 2020, the UK Prudential Regulation Authority (PRA) published a letter to directors of credit unions on...more
10/13/2020
/ Banks ,
Capital Requirements ,
Coronavirus/COVID-19 ,
CRD IV Directive ,
Credit Unions ,
EU ,
European Banking Authority (EBA) ,
Infectious Diseases ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Systemic Risk Buffer ,
UK
Brexit: FCA reopens temporary permissions regime notification window -
The UK Financial Conduct Authority (FCA) has updated its webpage on the temporary permissions regime (TPR) explaining that EEA firms and fund managers...more
10/6/2020
/ Bank of England ,
Coronavirus/COVID-19 ,
Dear CEO Letter ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Infectious Diseases ,
Prudential Regulation Authority (PRA) ,
Transitional Arrangements ,
TTP ,
UK ,
UK Brexit
IRB UK mortgage risk weights: PRA CP14/20 -
The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP14/20, on proposals to introduce new expectations on internal ratings based (IRB) approach UK...more
10/6/2020
/ AML/CFT ,
Bank Recovery and Resolution Directive (BRRD) ,
Capital Requirements Regulation (CRR) ,
EU ,
European Banking Authority (EBA) ,
Financial Instruments ,
IRB ,
Mortgages ,
Prudential Regulation Authority (PRA) ,
Risk Assessment ,
UK
Brexit: ESMA to recognise three UK CCPS from 1 January 2021 -
The European Securities and Markets Authority (ESMA) has announced that three central counterparties (CCPs) established in the UK will be recognized as...more
10/6/2020
/ EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Inter-Bank Offered Rates (IBORs) ,
ISDA ,
Libor ,
MiFID ,
MiFIR ,
REMIT ,
RTS ,
Sterling Overnight Index Average (SONIA) ,
UK ,
UK Brexit
Proprietary trading review: PRA report -
The UK Prudential Regulation Authority (PRA) has published a report on the outcome of its proprietary trading review. The review was required under section 9 of the Financial...more
9/29/2020
/ Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
CRD IV Directive ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
Financial Regulatory Reform ,
Financial Services Industry ,
Infectious Diseases ,
Proprietary Trading ,
Prudential Regulation Authority (PRA) ,
UK
We have published the September 2020 edition of our Global Payments Newsletter. Key developments of interest over the last month include:
United Kingdom: the Payment Systems Regulator (PSR) has published its interim report...more
Brexit: FCA opens registration applications for UK securitisation repositories -
The UK Financial Conduct Authority (FCA) has published a new webpage for securitisation repositories under the Securitisation Regulation that...more
9/29/2020
/ EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FSB ,
Inter-Bank Offered Rates (IBORs) ,
IOSCO ,
ISDA ,
Securitization ,
Trade Repositories ,
UK ,
UK Brexit
FMI supervision: BoE policy statement on fees regime for 2020/21 -
The Bank of England (BoE) has published a policy statement on the fees regime for the supervision of financial market infrastructure (FMI) that will apply...more
9/21/2020
/ Bank of England ,
CCPs ,
EFTA ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Infrastructure ,
ISDA ,
MiFIR ,
Short Selling ,
UK ,
UK Brexit
The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 -
The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (SI 2020/991) have been published, together with an...more
9/21/2020
/ Anti-Money Laundering ,
Digital Assets ,
EU ,
FATF ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
FinTech ,
HMRC ,
Libor ,
MLD4 ,
Money Laundering ,
Terrorist Financing Regulations ,
UK
Credit unions: PRA 2020 annual assessment of category 5 credit unions -
The UK Prudential Regulation Authority (PRA) has updated its webpage on credit unions to publish letters sent to directors of category 5 credit...more
9/15/2020
/ Banks ,
Consumer Financial Products ,
Credit Unions ,
EU ,
Financial Services Industry ,
Leveraged Loans ,
Libor ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Supervisory Guidance ,
UK
Annual transparency calculations for non-equity instruments: ESMA grants option to postpone to 21 September 2020 -
The European Securities and Markets Authority (ESMA) has announced that trading venues and investment...more
PRA PS20/20: response to CP3/20 occasional paper -
Following its March 2020 occasional consultation paper (CP3/20), the UK Prudential Regulation Authority (PRA) has published a policy statement, PS20/20, setting out its...more
9/15/2020
/ AML/CFT ,
Coronavirus/COVID-19 ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
FinCEN ,
Infectious Diseases ,
Policy Statement ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Securities Financing Transactions (SFTs) ,
UK
COVID-19: PRA suspends guidance levels on fixed rate lending limits for non-systemic building societies -
On 11 August 2020, the UK Prudential Regulation Authority (PRA) published a letter (dated 31 July 2020) sent from...more
COVID-19: FCA guidance for insurance and premium finance firms on customers in temporary financial difficulty -
On 11 August 2020, the UK Financial Conduct Authority (FCA) published updated finalised guidance setting out...more
8/14/2020
/ AML/CFT ,
Coronavirus/COVID-19 ,
Dear CEO Letter ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Investment ,
RegTech ,
Regulatory Agenda ,
UK
Business continuity: SRB operational guidance on operational continuity in resolution and FMI contingency plans.
The UK Prudential Regulation Authority (PRA) has published a policy statement, PS18/20, and the following...more
8/4/2020
/ Bank Recovery and Resolution Directive (BRRD) ,
Business Continuity Plans ,
Coronavirus/COVID-19 ,
Distressed Debt ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
Implementing Technical Standards (ITS) ,
MREL ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Remuneration ,
RTS ,
UK
COVID-19: FCA guidance consultation on cancellations and refunds -
On 31 July 2020, the UK Financial Conduct Authority (FCA) published a guidance consultation on cancellation (for example, of holidays and events) and...more
8/4/2020
/ Coronavirus/COVID-19 ,
Cryptoassets ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Brexit