On May 19, the UK Government published a suite of draft legal texts (the Legal Texts) to accompany its policy paper, “The Future Relationship with the EU,” published on February 27 (the Policy Paper).

The UK Government states that the draft Legal Texts are the legal articulation of its approach in the Policy Paper and that these have formed the basis of discussions with the EU.
Continue Reading Brexit: UK Government Publishes Legal Texts on Future UK-EU Relationship Negotiations

On April 30, the Bank of England (BoE) and the UK’s Prudential Regulation Authority (PRA) published a joint statement, and the UK’s Financial Conduct Authority (FCA) published a statement on HM Treasury’s proposed use of the UK financial services regulators’ temporary transitional power (TTP) for up to two years after the end of the Brexit transitional period in December 2020 (the Statements). 
Continue Reading BoE, FCA and PRA Statements on Regulators’ Temporary Transitional Power

On March 24, a draft copy of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc. and Transitional Provision) (EU Exit) Regulations 2020 (the Regulations) was published and laid before Parliament with an explanatory memorandum.
Continue Reading UK Parliament Considers Draft Brexit Statutory Instrument Relating to EMIR

On March 11, HM Treasury (HMT), the office of the United Kingdom (UK) government responsible for financial services legislation, published a consultation paper on a regime which would allow overseas retail funds to access the UK (the Consultation).
Continue Reading Brexit: HMT Consults on Overseas Retail Funds Regime

On January 30, the UK Financial Conduct Authority (FCA) issued a press release (the Press Release) advising UK and EU firms on the implementation period, which starts when the UK leaves the EU at 11:00 p.m. GMT (6:00 p.m. EST) tonight (i.e., January 31), and is expected to end in 11 months’ time on December 31 (for more information please see the January 24 edition of Corporate & Financial Weekly Digest).
Continue Reading Brexit: FCA Updates UK and EU Firms on Transition Period

On January 23, HM Treasury (HMT) published its response (the Response) to the Consultation on the Transposition into UK law of the EU’s Fifth Money Laundering Directive (the Consultation). The Consultation closed in June 2019.

The Fifth Money Laundering Directive (MLD5) is primarily focused on expanding the EU’s anti-money laundering (AML) regime into new areas such as crypto-assets and art dealers. It became operational in the UK on January 10 (for more information, please see the January 10 edition of Corporate & Financial Weekly Digest).
Continue Reading HMT Responds to MLD5 Consultation

On January 28, the UK Government published the Financial Services (Consequential Amendments) Regulations 2020 (the Regulations). This is in response to the passing by the UK Parliament of the Withdrawal Act on Thursday last week, and in anticipation of the UK’s withdrawal from the EU (and start of the implementation period) on January 31 (for more information, please see the January 24 edition of Corporate & Financial Weekly Digest).
Continue Reading Brexit: UK Updates TPR Start Date

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).
Continue Reading ESG and Sustainable Investments: House of Lords EU Committee Queries Taxonomy Regulation With HMT

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.
Continue Reading FCA Publishes Dear CEO Letter for UK Alternative Investment Firms

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.
Continue Reading FCA Publishes Dear CEO Letter for UK Asset Management Firms