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.
Continue Reading FCA Update on Reporting LEIs of Non-EEA Third Country Issuers Under UK SFTR

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.
Continue Reading AML: HM Treasury Updates Advisory Notice on Money Laundering and Terrorist Financing Controls in Higher-Risk Jurisdictions

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).
Continue Reading AML: UK Government Publishes Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021

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).
Continue Reading UK Treasury Announces Technical Discussions on MoU on UK-EU Regulatory Cooperation in Financial Services

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).
Continue Reading Post-Brexit Financial Services in United Kingdom — Bank of England Commentary Published

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.
Continue Reading COVID-19: FCA extends Flexibility on RTS 27 Reports and 10 Percent Depreciation Notifications

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).
Continue Reading FCA Confirms No Current Revisions to Temporary Transitional Power Applying to UK’s Derivatives Trading Obligation