Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

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Bank of England and PRA Publish Their Approach to Temporary Permissions Regime and Temporary Recognition Regime

Posted in Brexit, Brexit/UK Developments, UK Developments

On July 24, the Bank of England (BoE) published a webpage on its and the UK Prudential Regulation Authority’s (PRA’s) approach to the temporary permissions regime (TPR) and the temporary recognition regime (TRR). The TPR aims to enable EEA firms currently using a passport operating in the United Kingdom to continue their activities in the… Continue Reading

Draft Financial Regulators’ Powers Regulations 2018 Published

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments

On July 16, a draft of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 was published. The publication of the draft regulations follows the making of the first delegated legislation under the European Union (Withdrawal) Act 2018 earlier this month (discussed in the Corporate & Financial Weekly Digest edition of… Continue Reading

EBA Publishes Opinion on Firms’ “Inadequate” Brexit Preparations

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments

On June 25, the European Banking Authority (EBA) published an opinion on preparations for the withdrawal of the United Kingdom from the European Union (Brexit). Its opinion cites two aims with respect to national competent authorities: ensuring that financial institutions are adequately considering the risks of a possible Brexit without a ratified withdrawal agreement, and… Continue Reading

Treasury Committee’s Virtual Currencies Inquiry Publishes FCA and Bank of England Evidence

Posted in Digital Assets and Virtual Currencies, UK Developments

On May 22, the UK’s House of Commons Treasury Committee (Treasury Committee) updated its webpage on its inquiry into what it refers to as “digital currencies.” The webpage now provides links to written evidence the Treasury Committee has received from the UK Financial Conduct Authority (FCA) and the Bank of England (BoE) in which they… Continue Reading

MiFID II Implementing Legislation Published

Posted in Derivatives, EU Developments, Financial Markets, UK Developments

On June 22, the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701) were presented to Parliament. The Regulations transpose elements of the revised Markets in Financial Instruments Directive (MiFID II) and related Markets in Financial Instruments Regulation (MiFIR) into UK law. Member States of the European Union are required… Continue Reading