Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: EEA

FCA Updates National Private Placement Regime Notification Process Under AIFMD

Posted in Financial Markets, UK Developments
On May 2, the UK Financial Conduct Authority (FCA) updated its webpage on the United Kingdom’s national private placement regime (NPPR) under the Alternative Investment Fund Managers Directive (AIFMD). The NPPR allows non-European Economic Area (EEA) alternative investment funds (AIFs) that are managed by full-scope UK and EEA alternative investment fund managers (AIFMs), as well… Continue Reading

FCA Extends Notifications Deadline for Temporary Permission Regime to May 30

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On April 12, the UK Financial Conduct Authority (FCA) published amended directions, dated April 11, on notifications regarding the temporary permissions regime (TPR). Although the deadline for Brexit has been agreed upon by the United Kingdom and the 27 remaining EU member states as being no later than October 31, the amended directions extend the… Continue Reading

FCA and PRA Publish Updates to the Temporary Permissions Regime

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On March 25, the UK Financial Conduct Authority (FCA) updated its webpage on the temporary permissions regime (TPR) to announce that it intends to extend the notification window for European Economic Area (EEA) firms and fund managers wishing to enter the TPR to the end of April 11. On March 26, the UK Prudential Regulation… Continue Reading

Bank of England and FCA Provide Updates on Post-Brexit Market Infrastructure Transitional Arrangements and Applications

Posted in Brexit/UK Developments, Financial Markets, UK Developments
On January 24, the Bank of England updated its financial market infrastructure supervision websites with interim lists of entities and systems that will enter into the various temporary or transitional arrangements on exit day should the United Kingdom leave the European Union with no implementation period. The lists consist of: Third-country central counterparties (CCPs) that… Continue Reading

Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 Laid Before Parliament

Posted in Brexit/UK Developments, Financial Markets
On January 15, a draft version of the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019, which have been laid before Parliament, was published together with a draft explanatory memorandum.… Continue Reading

FCA TPR Notification Window Now Open for EEA-Passported Firms and Fund Managers

Posted in Brexit, Brexit/UK Developments, UK Developments
On January 7, the UK Financial Conduct Authority (FCA) announced that the notification window for the temporary permissions regime (TPR) is now open. In the lead-up to the United Kingdom’s exit from the European Union (Brexit) on March 29 (Exit Day), the agreement on the United Kingdom’s withdrawal (Withdrawal Agreement) has not been ratified by… Continue Reading

FCA Consults on Contractual Certainty Post-Brexit

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets
On January 8, the UK Financial Conduct Authority (FCA) published a consultation paper (CP19/2) on contractual certainty post-Brexit. In the lead-up to the United Kingdom’s exit from the European Union (Brexit) on March 29 (Exit Day), the agreement on the United Kingdom’s withdrawal remains to be ratified by the UK Parliament. If ratification fails, this… Continue Reading

Bank of England and PRA Publish Brexit Package of Consultations and Communications

Posted in Brexit, Financial Markets, UK Developments
On October 25, the Bank of England (BoE) and the UK Prudential Regulation Authority (PRA) published a package of Brexit-related communications and consultation papers which propose changes to the relevant onshored binding technical standards (BTS), the rules for financial market infrastructure providers (FMIs) and the PRA Rulebook, which arise from the UK’s withdrawal from the… Continue Reading

ECON Votes to Adopt Draft Reports on Revised EU Prudential Framework for Investment Firms

Posted in EU Developments, Financial Markets
On September 24, the European Parliament published a press release announcing that its Committee on Economic and Monetary Affairs (ECON) voted to adopt its draft reports on the European Commission’s proposals for a regulation on the prudential supervision of investment firms (Investment Firms Regulation (IFR)), and a directive on the prudential supervision of investment firms… Continue Reading

FCA Publishes Approach to Becoming UK-Recognized Overseas Investment Exchange

Posted in Brexit, Financial Markets, UK Developments
On September 14, the UK Financial Conduct Authority (FCA) published a statement and direction clarifying how a market operator based in the European Economic Area (EEA) may make an application to become a recognized overseas investment exchange (ROIE), following the United Kingdom’s departure from the European Union (Brexit).… Continue Reading

HM Treasury Publishes Draft Version of the EEA Passport Rights Regulations 2018

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On July 24, HM Treasury published its draft version of the European Economic Passports Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (draft Regulations). The purpose of the draft Regulations is to remove references to the passporting framework set out in the Financial Services and Markets Act 2000 and in other UK legislation.… Continue Reading

UK Government Responds to Report on Brexit

Posted in Brexit/UK Developments, Financial Markets
On May 9, the UK government published its response to the House of Lords European Union Committee’s report, entitled “Brexit: The Future of Financial Regulation and Supervision,” which was published on January 27. The Committee’s report includes recommendations under six categories, including: 1. Incorporating the EU acquis (being the accumulated legislation and court decisions) in… Continue Reading

FCA Launches Survey of Firms that Passport Into the UK

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On March 9, the UK Financial Conduct Authority (FCA) launched a short online survey for firms providing cross-border services into the UK from other European Union/European Economic Area (EEA) jurisdictions (“passporting”), or marketing funds in the UK. The survey follows the UK government’s December 2017 announcement that, if necessary, it will legislate to provide a… Continue Reading

ISDA Announces Plans for French and Irish Law Governed Master Agreements After Brexit

Posted in Brexit, Derivatives, EU Developments, Financial Markets
On January 8, the International Swaps and Derivatives Association, Inc. (ISDA) published a blog post providing insight into how it is preparing for the UK’s departure from the European Union and how this will impact the use of the industry-standard ISDA Master Agreement.… Continue Reading

UK FCA, Dutch AFM and French AMF Publish Position Limits for Commodity Derivative Contracts

Posted in Derivatives, Financial Markets, UK Developments
Under the revised Markets in Financial Instruments Directive (MiFID II), limits are required to be established on the size of a net position a person can hold (at all times) in commodity derivatives traded on EU/European Economic Area (EEA) trading venues and economically equivalent over-the-counter contracts. On December 7, the UK Financial Conduct Authority (FCA)… Continue Reading

ESMA Translations of Guidelines on MiFID II Reporting, Recordkeeping and Clock Synchronization

Posted in EU Developments
On October 2, the European Securities and Markets Authority (ESMA) published the official, finalized versions of its Guidelines on transaction reporting, order recordkeeping and business clock synchronization under MiFID II—each translated into the official languages of the European Union. The finalized Guidelines appear on ESMA’s webpage in each of the official languages, with the English language… Continue Reading

FCA Opens MiFID II Passporting Gateway

Posted in UK Developments
On July 31, the UK Financial Conduct Authority (FCA) began accepting applications for passport notifications under the revised Markets in Financial Instruments Directive (MiFID II). Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II… Continue Reading

FCA Publishes MiFID II Passporting Forms

Posted in EU Developments, Financial Markets, UK Developments
On July 17, the UK Financial Conduct Authority (FCA) published a new webpage on passporting under the revised Markets in Financial Instruments Directive (MiFID II). Firms are required to make a passporting application under MiFID II if they intend to be conducting European Economic Area (EEA) activities that have been implemented as new MiFID II… Continue Reading

UK Parliament Formally Adopts Brexit Bill

Posted in Brexit, Brexit/UK Developments, UK Developments
On March 13, the UK Parliament passed the European Union (Notification of Withdrawal) Bill (Bill). The Bill received Royal Assent on March 16. During the course of debates on the Bill, the UK House of Lords had proposed two amendments, one relating to the rights of EU and European Economic Area (EEA) citizens legally resident… Continue Reading