On January 22, the UK’s Financial Conduct Authority (FCA) published an amended and restated memorandum of understanding (MoU) between itself and the US Securities and Exchange Commission (SEC) in light of the UK’s withdrawal from the EU.
The key understandings discussed by the FCA and SEC in the MoU include:
Continue Reading FCA Publishes SEC MoU on Financial Services Supervision Post-Brexit
On January 13, the European Securities and Markets Authority (ESMA) published a statement reminding firms of the requirements under the Markets in Financial Instruments Directive (MiFID II) relating to the provision of investment services to retail or professional clients by firms not established or situated in the EU (the Statement).
Continue Reading ESMA Reminds Firms of MiFID II Rules on Reverse Solicitation Post-Brexit
On December 14, the UK’s Financial Conduct Authority (FCA) published its first consultation paper on the implementation of the Investment Firms Prudential Regime (IFPR) (CP20/24) with its proposal for the UK’s new regulatory capital/ prudential rules following the end of the Brexit transition period (the Consultation Paper).
The FCA intends to create a new Prudential sourcebook for Markets in Financial Instruments Directive (MiFID) Investment Firms (MIFIDPRU).
Continue Reading UK Regulatory Capital/Prudential Rules: FCA Publishes First Consultation on Implementation of IFPR
On December 15, the UK’s HM Treasury published a call for evidence on the UK framework for financial services firms based overseas that are seeking to conduct activities in the UK.
The purpose of the call for evidence is to obtain information about how the existing UK rules work in practice. HM Treasury intends to use this information to develop the UK’s regulatory framework following the end of the Brexit transition period.
Continue Reading HM Treasury Call For Evidence on UK Overseas Framework and Overseas Persons Exclusion Post-Brexit
On December 4, the United Kingdom’s Financial Conduct Authority (FCA) published a press release announcing details of its ‘cutover plan’ for firms transferring to the FCA Financial Instruments Transparency System (FCA FITRS) and FCA Financial Instruments Reference Data System (FCA FIRDS) upon Brexit (the Press Release).
Continue Reading FCA Post-Brexit ‘Cutover Plan’ for Firms Transferring to FCA FIRDS and FITRS
On December 8, the European Banking Authority (EBA) published a statement informing customers of UK financial institutions regarding practical and contractual arrangements following the end of the Brexit transition period (the Statement).
Continue Reading EBA Publishes Statement for Consumers Regarding Post-Brexit Arrangements
On November 20, the UK’s House of Commons Treasury Committee published a press release announcing the launch of a further inquiry into the future of the UK’s financial services sector following the end of the Brexit transition period (the Press Release).
Continue Reading UK’s Treasury Committee Publishes Further Inquiry Into Future of Financial Services Post-Brexit
On December 2, the UK’s Financial Conduct Authority (FCA) published a draft transitional direction alongside an explanatory note, for share trading obligation under the Markets in Financial Instruments Regulation (600/2014) (MiFIR) in preparation for the end of the Brexit transition period (the Direction).
Continue Reading FCA Publishes Draft Transitional Direction for Share Trading Obligation Under MiFIR
On November 23, the European Securities and Markets Authority (ESMA) published a final report on regulatory technical standards (RTS) on the risk mitigation techniques for OTC derivative contracts not cleared by central counterparties detailing bilateral margin requirements under the European Market Infrastructure Regulation (EMIR) (the Report).
Continue Reading ESMA Publishes Final Report on EMIR RTS Clearing Obligation Regarding Intragroup Transactions and Novations From UK to EU Counterparties
On November 16, the UK’s HM Treasury, Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) jointly published a statement on the introduction of the new Investment Firms Prudential Regime (IFPR) and the UK implementation of Basel standards reflecting the CRR II Regulation (the Statement).
Continue Reading Regulatory Capital – UK Authorities Jointly Publish Statement on New UK Prudential Rules
