On April 6, the UK Financial Conduct Authority (FCA) announced that legal entity identifiers (LEIs) of non-EEA third country issuers will not need to be reported under the UK version of the European Union’s Regulation on reporting and transparency of securities financing transactions (UK SFTR), until at least April 13, 2022.
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Financial Markets
AML: HM Treasury Updates Advisory Notice on Money Laundering and Terrorist Financing Controls in Higher-Risk Jurisdictions
Posted in Financial Markets, UK Developments
On March 24, HM Treasury revised its advisory notice on money laundering and terrorist financing controls in overseas jurisdictions (AML/CTF). This replaces all previous notices issued by HM Treasury on this subject. The updated notice follows two statements published by the Financial Action Task Force on February 25, identifying jurisdictions with strategic deficiencies in their AML/CTF regimes.…
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AML: UK Government Publishes Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021
On March 25, the UK Government published the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 (SI 2021/392) on its website together with an explanatory memorandum (the Regulations).…
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UK Treasury Announces Technical Discussions on MoU on UK-EU Regulatory Cooperation in Financial Services
On March 26, HM Treasury published a press release announcing it had concluded technical discussions on the text of the Memorandum of Understanding (MoU) for UK-EU regulatory cooperation in financial services (the Press Release).…
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ESAs Opinion on Jurisdictional Scope of the Securitisation Regulation
Posted in EU Developments, Financial Markets
On March 26, the European Supervisory Authorities (ESAs) published an opinion to the European Commission on the jurisdictional scope of the Securitisation Regulation ((EU) 2017/2402).…
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Joint Committee of ESAs Q&As on Securitisation Regulation
Posted in EU Developments, Financial Markets
On March 26, the Joint Committee of the European Supervisory Authorities (ESAs) published a set of Q&As on the Securitisation Regulation (EU) 2017/2402, covering questions that fall outside the scope of any of the three ESAs.…
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Post-Brexit Financial Services in United Kingdom — Bank of England Commentary Published
By Neil Robson on
On March 23, the United Kingdom’s House of Commons Treasury Committee published the Bank of England’s (BoE) ‘written evidence’/responses to a UK Government inquiry into the post-Brexit future of financial services in the United Kingdom (the Response).…
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UK FCA Launches New Whistleblowing Initiative
By Neil Robson on
Posted in Financial Markets, UK Developments
On March 24, the United Kingdom’s Financial Conduct Authority (FCA) announced the launch of a campaign to encourage individuals to report wrongdoing — i.e., whistleblowing.…
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COVID-19: FCA extends Flexibility on RTS 27 Reports and 10 Percent Depreciation Notifications
On March 19, the Financial Conduct Authority (FCA) published a statement announcing that it is establishing temporary measures on RTS 27 reports on execution quality. Commission Delegated Regulation (EU) 2017/575 contains regulatory technical standards (RTS) specifying the content, format and periodicity of the data published by execution venues on the quality of execution of transactions. The FCA refers to these RTS as RTS 27.…
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FCA Confirms No Current Revisions to Temporary Transitional Power Applying to UK’s Derivatives Trading Obligation
Posted in Financial Markets, UK Developments
On March 24, the Financial Conduct Authority (FCA) published a statement announcing that it has not observed market or regulatory developments that warrant a change in its use of the Temporary Transitional Power (TTP) applying to the United Kingdom’s derivatives trading obligation (DTO).…
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