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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 the UK Parliament. If ratification fails, this would result in a so-called “no-deal Brexit,” meaning that the UK would leave the EU without having agreed on any transitional arrangements, and any European Economic Area (EEA)-based firms or fund managers passporting their services or products into the UK would lose their permission to do so on Exit Day.
Continue Reading FCA TPR Notification Window Now Open for EEA-Passported Firms and Fund Managers

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 would result in a so-called “no-deal Brexit,” meaning that the UK would leave the EU without having agreed on any transitional arrangements, and any firms or fund managers based in the European Economic Area (EEA) passporting their services or products into the UK would lose their permission to do so on Exit Day.
Continue Reading FCA Consults on Contractual Certainty Post-Brexit

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 European Union.
Continue Reading Bank of England and PRA Publish Brexit Package of Consultations and Communications

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 (Investment Firms Directive (IFD)).
Continue Reading ECON Votes to Adopt Draft Reports on Revised EU Prudential Framework for Investment Firms

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 FCA Publishes Approach to Becoming UK-Recognized Overseas Investment Exchange

On August 23, the UK government published guidance in the form of a technical notice on the effect on banking, insurance and other financial services should the UK leave the EU without agreement (No-Deal Brexit).
Continue Reading UK Government Publishes No-Deal Brexit Technical Notice for Financial Services

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. The reason for this is if the United Kingdom leaves the European Union without a deal, there will be no agreed legal framework on which the passporting system can continue; therefore references in UK legislation to the passporting system would become “deficient” for the purposes of the European Union (Withdrawal) Act 2018 (for further details, see the Corporate & Financial Weekly Digest edition of June 29, 2018).
Continue Reading HM Treasury Publishes Draft Version of the EEA Passport Rights Regulations 2018

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 financial services; and

2. Regulatory innovation, financial technology (FinTech) and the future.
Continue Reading UK Government Responds to Report on Brexit