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On May 10, the UK Government published its guidance on the supply of emissions allowances in the UK Emissions Trading Scheme (UK ETS). The UK ETS was introduced on January 1, replacing the United Kingdom’s participation in the EU Emission Trading System following the end of the post-Brexit transition period.…
Continue Reading UK Government Publishes Guidance on Supply of Emissions Allowances in UK ETS

On April 28, the Financial Conduct Authority (FCA) launched a consultation paper (CP21/9), alongside HM Treasury, on changes to the conduct and organizational rules in the UK Markets in Financial Instruments Directive (MiFID II): research and best execution reporting.

The consultation proposes to:…
Continue Reading FCA Consults on Changes to Conduct and Organizational Rules Under UK MiFID

On April 8, the Market Participants Division (MPD), Division of Clearing and Risk (DCR), Division of Data (DOD) and Division of Market Oversight (DMO) of the Commodity Futures Trading Commission jointly issued no-action relief, effective immediately, to maintain the regulatory status quo for swap dealers (SD) following the withdrawal of the United Kingdom from the…

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 8, the Financial Conduct Authority (FCA) published a consultation paper detailing its proposals to regulate bidding for emissions allowances on the UK auction platform under the UK Emissions Trading Scheme (ETS) (the Consultation Paper).…
Continue Reading FCA Publishes Consultation Paper on Regulating Bidding for Emission Allowances Under UK ETS

On March 9, the Financial Conduct Authority (FCA) announced its first, post-Brexit annual transparency calculations for UK equity and equity-like financial instruments in response to the UK Markets in Financial Instruments Regulation (the Press Release). The calculations will be available from April 1.…
Continue Reading FCA Announces Annual Transparency Calculations for Equity and Equity-Like Instruments

On February 2, the UK Financial Conduct Authority (FCA) updated its webpage on its supervisory statement on the operation of the transparency regime under the retained EU law version of the Markets in Financial Instruments Regulation (UK MiFIR) following the United Kingdom’s departure from the European Union (the Webpage).…
Continue Reading FCA Updates Webpage on Operation of UK MiFIR Transparency Regime