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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Financial Markets
ESMA Updates EMIR Implementation Q&As
Posted in EU Developments, Financial Markets
On October 2, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on the implementation of the European Market Infrastructure Regulation (EMIR).
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ESMA Consults on Technical Advice on FRANDT Terms for Providing Clearing Services
Posted in EU Developments, Financial Markets
On October 3, the European Securities and Markets Authority (ESMA) published a Consultation Paper (the Paper) on Draft Technical Advice on the provision of clearing services on a fair, reasonable, non-discriminatory and transparent (FRANDT) basis pursuant to the European Market Infrastructure Regulation (EMIR).
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ESMA Consults on MAR
Posted in EU Developments, Financial Markets
On October 3, the European Securities and Markets Authority (ESMA) published a Consultation Paper (the Paper) as part of the on-going review of the Market Abuse Regulation (MAR).
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FCA Publishes Findings From Review of MiFID II Research Unbundling Rules
Posted in Financial Markets, UK Developments
On September 19, the UK Financial Conduct Authority (FCA) published its findings from its review of unbundling of third-party research under the revised Markets in Financial Instruments Directive (MiFID II).…
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FCA Updates Directions Under the Temporary Transitional Power
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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FCA Provides Updated Information on SM&CR Implementation
By Neil Robson on
Posted in Financial Markets, UK Developments
On September 11, the UK Financial Conduct Authority (FCA) published updated information on its website for FCA-regulated firms in connection with the extension of the senior managers and certification regime (SM&CR) to such firms on December 9.
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German Government Publishes Proposed Law for Proprietary Trading Firms
Posted in EU Developments, Financial Markets
On September 5, the German Federal Government published a proposal relating to a draft law implementing Regulation (EU) 2019/834 (EMIR REFIT), which also clarifies the licensing requirements for non-EU firms (which would include UK firms after Brexit) that conduct cross-border proprietary trading with German counterparties or on German trading venues.
FCA Announces Changes to AIFM Submission of Notification and Material Change Under NPPR
Posted in Financial Markets, UK Developments
On September 3, the UK Financial Conduct Authority (FCA) updated its webpage on the national private placement regime (NPPR) to announce changes to submission of notification and material change by alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive (AIFMD). The NPPR allows AIFMs to market AIFs that cannot otherwise be marketed in the EEA under the AIFMD domestic marketing or passporting regimes. …
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House of Commons Library Publishes Briefing on Retained EU Law
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