Financial Markets Infrastructure: The Bank of England published a speech by Sasha Mills, Executive Director, Financial Market Infrastructure, on operational resilience and its expectations of financial market infrastructures...more
Brexit - FCA provides information on the Temporary Permissions Regime (TPR) On 3 March, the FCA published new webpages providing information on the TPR. Firstly, the FCA published a webpage on how it will supervise firms...more
The International Organization of Securities Commissions has published guidance on how to address potential conflicts of interest and associated conduct risks for intermediaries involved in the issuance of debt securities....more
30 June - The Financial Conduct Authority (“FCA”) announced that the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons will be delayed from 9...more
Implications for users of third-country trading venues as ESMA confirms the list of venues who meet the criteria in its updated opinions on transparency and position limits. On 3 June 2020, ESMA published updated versions...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 - 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
1 June - HM Treasury published a consultation paper (dated May 2019) on the regulation of pre-paid funeral plans. HM Treasury intends to bring all funeral plan providers within the remit of the FCA....more
The FCA and the PRA published their Business Plans for 2019/20 in April 2019. FCA Priorities - As expected, with Brexit remaining a key focus, there are few new initiatives for this year. The FCA’s Business Plan sets...more
1 May - The Financial Conduct Authority ("FCA") published a call for input on its evaluation of the Retail Distribution Review and Financial Advice Markets Review. The Prudential Regulation Authority ("PRA") published...more
2 November - The Prudential Regulation Authority ("PRA") updated its consultation paper on changes to the PRA Rulebook and onshored binding technical standards. The Financial Conduct Authority ("FCA") published issue...more
BREXIT - Draft Short Selling (Amendment) (EU Exit) Regulations 2018 - On 9 August, HMT published a draft version of the Short Selling (Amendment) (EU Exit) Regulations 2018 and an explanatory information document....more
BREXIT - TheCityUK paper on continuity of cross-border financial contracts post-Brexit - On 20 June, TheCityUK published a paper on the continuity of cross-border financial contracts post-Brexit. In the paper, TheCityUK...more
BREXIT - Please see the “Other” section for an update on the Joint Committee of ESAs’ report on the risks and vulnerabilities in EU financial system. CBI publishes report on the future of UK regulation On 11 April,...more
BROKER-DEALER - Nasdaq Has Proposed a New Rule Change To Modify Its System of Volume-Based Credits - The Nasdaq Stock Market LLC (Nasdaq) has filed with the Securities and Exchange Commission a proposed rule change to...more
1 February - The European Commission ("EC") launched the EU Blockchain Observatory and Forum in order to highlight key developments of blockchain technology, promote and reinforce European engagement with multiple...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
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of an FCA report on algorithmic trading; the publication of the FSMA (Benchmarks)...more
BREXIT - HoL EU Financial Affairs sub-committee publishes transcript of BoE oral evidence on financial supervision - On 17 January, the HoL EU Financial Affairs Sub-Committee published the transcript of the oral...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the matters to be considered by users of financial benchmarks when selecting an...more
A compact summary of the most recent regulatory and tax developments relevant to the UK asset management industry. This issue includes details on ESMA’s updated Q&As on the key information document requirements for PRIIPs;...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
CAPITAL MARKETS AND MARKET INFRASTRUCTURE - ESMA practical guidance on recognition of third country CSDs - On 28 September 2017, ESMA published practical guidance (dated 26 September 2017) on the recognition by it of...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on the updated Q&As published by ESMA in relation to the AIFMD and UCITS, IOSCO's...more
CAPITAL MARKETS AND MARKET INFRASTRUCTURE - See Recovery and Resolution section for an update on CCP recovery and resolution. FCA makes available draft forms for benchmark administrators - On 6 July, as part of their...more