On March 9, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a draft report detailing recommendations to the European Commission on the proposed Regulation on markets in cryptoassets and amending Directive (EU) 2019/1937 (the Draft Report).
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European Central Bank
ESMA Publishes Consultation Paper on Draft RTS Relating to CCPs
On October 19, the European Securities and Markets Authority (ESMA) published a consultation paper on draft regulatory technical standards (RTS) concerning central counterparties (CCPs) under Regulation (EU) 2019/2099 (EMIR 2.2) (the Consultation Paper).
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ECB Publishes Recommendation on Dividend Distributions During Covid-19 Pandemic
On March 27, the European Central Bank published a recommendation on dividend distributions and share buy-backs during the Covid-19 pandemic (the Recommendation).
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FCA Updates Webpage on SFTR Approach to Reporting Requirements
On March 26, the UK’s Financial Conduct Authority (FCA) updated its webpage on the Securities Financing Transactions Regulation (SFTR) to confirm its approach to supervisory reporting in the light of COVID-19.
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ECB Speech on Central Clearing
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.
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FCA Updates Directions Under the Temporary Transitional Power
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.
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ECB Finalizes General Guide and FinTech Guide on Bank Licensing Applications
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.
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European Parliament Adopts Resolution on Brexit Negotiations With UK
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.
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UK Government Responds to House of Lords EU Committee Report on Brexit and Financial Services
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.
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