The Irish government has been supportive of the development of the financial services sector in Ireland and this extends to fintech. The government’s strategy for the development of Ireland’s international financial services...more
There are useful takeaways for EU and non-EU firms arising from the European Supervisory Authorities’ (ESA) latest thinking on greenwashing. In June 2023, the ESAs issued progress reports examining greenwashing risks and...more
UK Solvency II review: PRA CP11/21 on reporting (phase 1) The Prudential Regulation Authority (PRA) has published a consultation paper, CP11/21, on phase 1 of a review of reporting and disclosure requirements under the...more
CAPITAL MARKETS - Please see Conduct for an update on the IOSCO report on conflicts of interests and risks during the debt capital raising process - FCA publish Primary Market Bulletin - On 17 December 2019, the FCA...more
BREXIT - Please see the Consumer/Retail section for an update on the FCA’s Quarterly Consultation Paper, which discusses Brexit-related changes to the Handbook & new EU binding technical standards (BTS) following the...more
BREXIT - EC outlines plans for sustainable finance and proposes extension to the temporary equivalence regime for UK CCPs post-Brexit - On 15 November, the EC published a speech by Mr Dombrovskis, European Commissioner...more
UPCOMING SEMINARS - Convergence, divergence and disturbance: What’s next for financial regulation in Europe? On 19 November, 8.30am to 9.30am, a panel of A&O’s European regulatory partners will discuss issues facing their...more
BREXIT - Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 laid before Parliament On 25 July, the draft Over the...more
BREXIT - EEA Joint Committee Decisions - On 18 July, four Decisions of the EEA Joint Committee made on 29 March and five Decisions made on 11 April that amend Annex IX (Financial Services) to the EEA Agreement were...more
FOS consultation on future funding - On 2 July, the Financial Ombudsman Service (FOS) published a consultation paper on the future of its funding. The FOS proposes to: (i) rebalance the proportion of the income received...more
Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector. BREXIT - Please see the product sections for updates on the various draft SIs published in the last two weeks in...more
Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector. BREXIT - Please see the product sections for updates on the various draft SIs published this week in anticipation of...more
The Hogan Lovells’ Corporate Insurance Newsletter for August has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more
BREXIT - FCA speech and new webpage on approach to Brexit - On 19 July, the FCA published a speech given by Nausicaa Delfas, FCA Executive Director of International, on the FCA's approach to Brexit. ...more
BREXIT - UK Government response to HoC Treasury Committee report on transitional arrangements - On 27 February, the HoC Treasury Committee published the UK government's response to the Committee's report on transitional...more
Insurance Europe publishes papers on avoiding Brexit cliff-edge risks - On 9 February, Insurance Europe published a paper calling for an agreement between the UK and the EU on the transitional arrangements that should...more
BREXIT - EBA relocation to Paris - On 21 November, the Council of the EU published a press release announcing that the ministers of EU member states other than the UK have selected Paris as the new location of the EBA....more
Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector. If you would like to receive this update by email please contact RegulatoryChange@allenovery.com. BREXIT - HoL EU...more
BREXIT - Uncorrected evidence relating to Brexit from House of Lords Select Committee on European Union - On 12 October, the HoL Select Committee on the EU published an uncorrected transcript of oral evidence taken from...more
The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more
The Insurance Distribution Directive (IDD) came into force on 23 February 2016, and it must be transposed into the national laws of the Member States of the European Union by 23 February 2018. In the meantime, the European...more
On 26 January 2016, the Chairpersons of the European Supervisory Authorities (ESAs) (i.e. EBA, EIOPA and ESMA) sent a letter to the European Commissioner for the Directorate General Financial Stability, Financial Services and...more
On 30 September 2015, the European Commission (the “Commission”) published a proposal for a regulation (the “Proposed Regulation”)1 intended to harmonise existing EU laws applying to securitisations (including proposed...more
The European Securities and Markets Authority (ESMA) has published the responses received by ESMA, the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) on the Technical...more