On January 16, the House of Lords European Union Committee published a letter from the Chair, Lord Kinnoull, to John Glen, Economic Secretary to Her Majesty’s Treasury (the Letter). The Letter concerns the recently published Taxonomy Regulation (for more information please see the January 10 edition of Corporate & Financial Weekly Digest).
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On January 20, the Financial Conduct Authority (FCA) published a letter to the CEOs of UK-based alternative investment firms to outline the FCA’s view of the key risks of harm to the customers or markets in which such firms operate (the Letter). The FCA defines alternative investment firms as firms that predominately manage alternative investment vehicles (such as hedge funds or private equity vehicles), or manage alternative assets directly, or provide advice on such vehicles or assets.
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On January 20, the Financial Conduct Authority (FCA) published a letter to the CEOs of asset management firms to outline their view of the key risks of harm to the customers or markets in which they operate (the Letter). The FCA defines asset management firms as firms that predominately manage mainstream investment vehicles, excluding wealth managers and financial advisers.
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On October 31, the Financial Conduct Authority (FCA) published five revised directions, extending the Temporary Permissions Regime (TPR) to January 20, 2020. This coincides with the most recent extension of the Brexit deadline from October 31 to January 31, 2020 and is the fourth time that the TPR has been extended.
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On October 31, the European Scrutiny Committee published a letter they received from John Glen MP, Economic Secretary to the Treasury, regarding potential equivalence arrangements that might be put in place between the UK and the EU following Brexit. The European Scrutiny Committee is a committee of the House of Commons and is chaired by Sir William Cash MP.
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On October 7, the Financial Conduct Authority (FCA) published a “Brexit Special” of its monthly Market Watch newsletter, in which it summarized some recent developments and publications in connection with the regulated sector’s preparedness for the forthcoming departure of the UK from the EU on November 1.

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On September 26, the UK Financial Conduct Authority (FCA) published updated draft directions under its Temporary Transitional Power (TTP). The TTP is designed to give the FCA flexibility in applying post-Brexit requirements to firms that are transitioning to the new UK regulatory framework following the UK’s departure from the EU. The draft directions would only come into effect on exit day if the UK leaves the EU without an implementation period.
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On July 30, the House of Commons Library published a briefing paper on the status of retained EU law after Brexit.

The briefing provides a useful consolidated summary of how the European Union (Withdrawal) Act 2018 will repeal the European Communities Act 1972 while also transposing existing EU law into domestic law.

The briefing is

On May 24, the UK Financial Conduct Authority (FCA) published a press release confirming that it is extending the deadline for notifications for the temporary permissions regime (TPR) to October 30.

TPR would allow European Economic Area-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while they seek full FCA authorization. The TPR will go into effect upon Brexit taking effect, if there is no transition period. The TPR deadline had previously been extended from April 11 to May 30 (as reported in the April 19 edition of the Corporate & Financial Weekly Digest).
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