On February 26, Fabio Panetta, Executive Board Member at the European Central Bank (ECB), gave a speech on cross-border co-operation within the central counterparty (CCP) community. The speech was given at the Second Joint Bundesbank/ECB/Federal Reserve Bank of Chicago Conference on CCP Risk Management.
Continue Reading ECB Speech on Central Clearing

On September 26, the UK Financial Conduct Authority (FCA) published updated draft directions under its Temporary Transitional Power (TTP). The TTP is designed to give the FCA flexibility in applying post-Brexit requirements to firms that are transitioning to the new UK regulatory framework following the UK’s departure from the EU. The draft directions would only come into effect on exit day if the UK leaves the EU without an implementation period.
Continue Reading FCA Updates Directions Under the Temporary Transitional Power

On March 23, the European Central Bank (ECB) published two guides (together, Guides):

  • a guide to assessing license applications (General Licence Application Guide) which covers the general application process and the assessment requirements regarding, for example, governance, risk management, capital; and
  • a guide to assessing financial technology (FinTech) credit institution license applications (FinTech Licence Application Guide)—intended to complement the General Licence Application Guide with a focus on FinTech entities that are considering an application for a banking license.

Continue Reading ECB Finalizes General Guide and FinTech Guide on Bank Licensing Applications

On April 5, the European Parliament (Parliament) announced that it has voted to adopt a resolution (Resolution) on negotiations with the United Kingdom, following its notification that it intends to withdraw from the European Union.
Continue Reading European Parliament Adopts Resolution on Brexit Negotiations With UK

On March 20, the UK government published its response (Response) to the House of Lords EU Sub-Committee on Financial Affairs report on Brexit and financial services (Report).

In the Report, which was published in December 2016, the Committee set out recommendations for the government relating to financial services, covering issues such as transitional arrangements and market access.
Continue Reading UK Government Responds to House of Lords EU Committee Report on Brexit and Financial Services