On June 22, the UK Financial Conduct Authority (FCA) published a statement reminding businesses that carry out cryptoasset activities in the UK to register with the FCA by June 30, 2020 (the Statement). Continue Reading FCA Statement on Cryptoasset Business Registration

On June 23, the House of Commons published a statement made by the UK Government on its approach to implementing financial services regulatory reforms before the end of the Brexit transition period (the Statement). Continue Reading Brexit: UK Government Statement on Implementing Regulatory Reforms

On June 23, HM Treasury published a policy statement (the Statement) on its approach to legislating for the new prudential standards in the forthcoming Financial Services Bill (the Bill). Continue Reading HM Treasury Statement on the New Prudential Regime for Banks and Investment Firms

On June 15, Securities and Exchange Commission Chairman Jay Clayton made a public statement (Statement) covering several topics related to Regulation Best Interest (Reg BI) and Form CRS. Chairman Clayton confirmed that the compliance date for Reg BI and Form CRS will be June 30, 2020 and emphasized the SEC’s focus on issues related to Main Street investors, including the creation of a new investor-focused resource to assist such investors with reviewing the Form CRS and researching firms and financial professionals. Continue Reading SEC Chairman Clayton Provides Public Statement Regulation Best Interest and Form CRS

On June 17, the New York Stock Exchange (NYSE) filed with the Securities and Exchange Commission a series of proposed rule changes (Rule Changes) that aim to support the partial return of Designated Market Makers (DMMs) to NYSE’s New York trading floor. For a temporary period that begins on June 17, 2020, and ends on the earlier of a full reopening of the New York trading floor facilities to DMMs or after the NYSE closes on June 30, 2020 (Covered Period), the following Rule Changes would apply: Continue Reading NYSE Proposes Rule Changes Regarding the Partial Re-Opening of the Trading Floor

Katten hosts a weekly, 15-minute fireside chat podcast series on notable UK and European developments from the prior week’s Corporate & Financial Weekly Digest. This week, Carolyn Jackson speaks on the obligation of financial counterparties (FCs) to mandatorily report OTC derivatives transactions on behalf of their non-financial counterparties (NFCs)-counterparties commencing June 18, 2020; Nathaniel Lalone provides commentary on the new EU proposals to regulate (or not) non-European clearinghouses; and Neil Robson explains the mechanism and requirements for UK financial services firms to file a ‘market observation’ with the Financial Conduct Authority (FCA).

To listen to the podcast recording, click here.

On June 11, the House of Lords EU Financial Affairs Sub-Committee (the Committee) published a letter dated May 27 from HM Treasury to the Committee in relation to the Committee’s review of the financial services sector after Brexit (the Letter). Continue Reading HM Treasury Responds to House of Lords EU Financial Affairs Committee Recommendations on Financial Services Post-Brexit