EMIR: European Commission consults on draft Implementing Decisions on equivalence - The European Commission has published for consultation the following draft Implementing Decisions on equivalence made under Article 13(2) of...more
COVID-19: Supreme Court judgment in FCA's BI insurance test case - On 15 January 2021, the Supreme Court handed down judgment in FCA v Arch Insurance (UK) Ltd and others [2021] UKSC 1 on the issues on appeal from the High...more
Debt firms: FCA portfolio letter - The UK Financial Conduct Authority (FCA) has published a portfolio letter it has sent to debt purchasers, debt collectors and debt administrators (collectively debt firms) setting out the...more
Financial Services Bill 2019-21 - Having completed its progress through the House of Commons, on 14 January 2021, the Financial Services Bill 2019-21 had its first reading in the House of Lords. A revised version of the Bill,...more
Debt Respite Scheme (Breathing Space): Insolvency Service guidance - The Insolvency Service (IS) has published guidance for creditors and money advisors about the debt respite scheme (Breathing Space), which comes into effect...more
UK-EU trade and cooperation agreement After extensive negotiations, and within a week of the Brexit transition period ending on 31 - December 2020, the UK and the EU finally announced on 24 December 2020 that they had agreed...more
1/18/2021
/ Cloud Computing ,
Coronavirus/COVID-19 ,
Cryptoassets ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Gibraltar ,
Infectious Diseases ,
Libor ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
SMCR ,
UK ,
UK Brexit
UK SSR: Short Selling (Notification Thresholds) Regulations 2021 - The Short Selling (Notification Thresholds) Regulations 2021 (SI 2021/5) have been published, together with an explanatory memorandum....more
1/18/2021
/ Coronavirus/COVID-19 ,
EMIR ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Infectious Diseases ,
MiFIR ,
Regulation Technical Standards (RTS) ,
Regulatory Agenda ,
Securities Regulation ,
Short Selling ,
UK
Solvency II: PRA CP1/21 on deep, liquid and transparent assessments, and GBP transition to SONIA - The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP1/21, on deep, liquid and transparent (DLT)...more
1/18/2021
/ Coronavirus/COVID-19 ,
Cyber Insurance ,
EIOPA ,
Financial Conduct Authority (FCA) ,
IAIS ,
Infectious Diseases ,
Insurance Regulations ,
Regulatory Agenda ,
Solvency II ,
Sterling Overnight Index Average (SONIA) ,
UK ,
UK Brexit
TMPR: FCA update on adding new sub-fund to umbrella scheme - The UK Financial Conduct Authority (FCA) has updated its webpage on adding a new sub-fund to an umbrella scheme in the temporary marketing permissions regime (TMPR)...more
COVID-19: Pay.UK report on current account switching behaviours - On 6 January 2021, Pay.UK published a report on how COVID-19 has affected current account switching attitudes and behaviours in the UK....more
Ring-fencing and proprietary trading activities reviews: HM Treasury update - On 22 December 2020, the House of Commons Treasury Committee published a letter (dated 16 November 2020) it received from John Glen, Economic...more
2021 priorities for supervising insurance firms: PRA Dear CEO letter
The UK Prudential Regulation Authority (PRA) has published a Dear CEO letter it has sent to insurance firms setting out its supervisory priorities for...more
UK Short Selling Regulation: notification threshold -
HM Treasury has announced that it intends to lay a statutory instrument under the retained EU law version of the Short Selling Regulation (UK SSR) amending the initial...more
12/21/2020
/ Coronavirus/COVID-19 ,
Cryptocurrency ,
Derivatives ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Infectious Diseases ,
MiFID ,
MiFIR ,
Regulatory Agenda ,
Securities Regulation ,
Short Selling ,
UK
Selected regulatory updates of interest to the funds and asset management sector. This update reports on ESMA's final report on guidelines addressing leverage risks under the AIFMD.
...more
Sanctions and Anti-Money Laundering Act 2018 (Commencement No 2) Regulations 2020 - The Sanctions and Anti-Money Laundering Act 2018 (Commencement No 2) Regulations 2020 (SI 2020/1535) were made on 14 December 2020. ...more
UK SRR code of practice -
HM Treasury has published a revised version of the Banking Act 2009 special resolution regime (SRR) code of practice which applies to the use of the SRR after the end of Brexit transition period....more
12/21/2020
/ Basel III ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
Dear CEO Letter ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Infectious Diseases ,
Non-Performing Loans (NPL) ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
UK
UK implementation of CRD V: PRA PS26/20 - The Prudential Regulation Authority (PRA) has published a policy statement, PS26/20, on the implementation of the Capital Requirements Directive V (CRD V)....more
MMF Regulation: ESMA updates reporting instructions -
The European Securities and Markets Authority (ESMA) has announced that it has updated its validation rules regarding the EU Regulation on money market funds (MMF...more
European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 -
The European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 (SI 2020/1447) have been published, together with...more
12/15/2020
/ AML/CFT ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Islamic-Compliant ,
MLD4 ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Terrorist Financing Regulations ,
UK ,
UK Brexit ,
Withdrawal Agreement
PIs and EMIs: HM Treasury consults on a new special administration regime -
HM Treasury is consulting on proposed insolvency changes for payment institutions (PIs) and electronic money institutions (EMIs), including a...more
Part VII FSMA insurance business transfers: Court of Appeal decision -
Several important issues were raised in relation to Part VII transfers in the recent hearing before the Court of Appeal relating to the proposed...more
Post-Brexit transition period: migrating to FCA FIRDS and FITRS -
The UK Financial Conduct Authority (FCA) has published a press release announcing details of the cutover plan for firms migrating to the FCA Financial...more
12/14/2020
/ Capital Markets ,
CSDR ,
EMIR ,
Financial Conduct Authority (FCA) ,
Financial Counterparties (FC) ,
Financial Instruments ,
Foreign Exchanges ,
FSB ,
Trade Repositories ,
UK ,
UK Brexit
UK Solvency II review: HM Treasury extends response deadline -
HM Treasury has extended the deadline for responding to its call for evidence relating to its review of the Solvency II prudential regulatory regime for...more
Mainstream consumer credit lenders: FCA Dear Board of Directors letter on supervisory strategy -
The UK Financial Conduct Authority (FCA) has published a Dear Board of Directors letter sent to firms in the FCA's...more
UK Future Regulatory Framework Review: consultation deadline extended -
HM Treasury has extended the deadline for responding to its Phase II consultation relating to the Future Regulatory Framework Review by one month to...more