Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: HM Treasury

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

FCA Publishes Statement on Its Brexit Preparations

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On June 26, the UK Financial Conduct Authority (FCA) published a statement updating stakeholders on its preparations for the United Kingdom’s withdrawal from the European Union (Brexit). The FCA’s statement noted HM Treasury’s preparations for Brexit, which were then published in HM Treasury’s own press release, dated June 27.… Continue Reading

US and UK Announce New Financial Regulatory Working Group

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On April 19, HM Treasury and the US Treasury Department published a joint statement announcing the formation of a US-UK Financial Regulatory Working Group (Working Group). The joint statement explains that Brexit provides an opportunity for the Working Group to formalize existing US-UK regulatory cooperation. The Working Group will include staff from the respective treasury… 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

HM Treasury Publishes Renewed Investment Management Strategy

Posted in Financial Markets, UK Developments
On December 6, Her Majesty’s Treasury published a report setting out the UK government’s renewed long-term investment management strategy. This follows the announcement by the UK Chancellor of the Exchequer, Philip Hammond, in his Autumn 2017 Budget on November 22, that the government would be publishing its new strategy to “ensure that the UK asset… Continue Reading

FCA Publishes Final Report on Asset Management Market Study

Posted in Financial Markets, UK Developments
On June 28, the Financial Conduct Authority (FCA) published its final report after its asset management market study (Study), which began in November 2015. Alongside the report, the first of a number of related consultation papers was also published. The report and consultation paper follow the FCA’s interim report published in November 2016, which had… Continue Reading

MiFID II Implementing Legislation Published

Posted in Derivatives, EU Developments, Financial Markets, UK Developments
On June 22, the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701) were presented to Parliament. The Regulations transpose elements of the revised Markets in Financial Instruments Directive (MiFID II) and related Markets in Financial Instruments Regulation (MiFIR) into UK law. Member States of the European Union are required… Continue Reading

HM Government to Create Office for Professional Body Anti-Money Laundering Supervision

Posted in Financial Markets, UK Developments
On March 15, HM Treasury unveiled plans to create a new UK watchdog for tackling potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit. The new “Office for Professional Body Anti-Money Laundering Supervision” (OPBAS) will focus its work on accountancy and legal sectors with the goal of helping to… Continue Reading

UK Government Responds to House of Lords EU Committee Report on Brexit and Financial Services

Posted in Brexit, Brexit/UK Developments, UK Developments
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… Continue Reading

HM Treasury Amends Definition of Financial Advice

Posted in Financial Markets, UK Developments
On February 28, HM Treasury published its response (Response) to its consultation on amending the definition of “financial advice” for the purposes of article 53 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(RAO). The Response gives summaries of responses submitted to the consultation by market participants, as well as the government’s… Continue Reading

UK Private Fund Limited Partnerships

Posted in Financial Markets, UK Developments
HM Treasury has published a revised draft Legislative Reform Order (Order) on amendments to the Limited Partnership Act 1907 (Act), which was laid before parliament on January 16. The Order relates to the new private fund limited partnership (PFLP) structure. The PFLP is designed to reduce the administrative and financial burdens that impact funds under… Continue Reading

HM Treasury Publishes Response to the Transposition of MiFID II Consultation

Posted in Financial Markets, UK Developments
On February 9, HM Treasury published its response (Response) to the consultation that ran from March 27, 2015, to June 18, 2015, on the transposition of the revised Markets in Financial Instruments Directive (MiFID II) into UK domestic law. The Response summarizes responses submitted to the consultation by market participants, as well as the government’s… Continue Reading

HM Treasury Responds to Consultation on Implementation of UCITS V in the UK

Posted in UK Developments
On October 31, HM Treasury published its response (Response) to the consultation it conducted in Q4 2015 (Consultation) on the United Kingdom’s implementation of the UCITS V Directive (2014/91/EU) (UCITS V). The objective of UCITS V was to make certain changes to the existing UCITS legislative framework to assist in further enhancing the global appeal… Continue Reading

EU Bonus Cap: EBA Publishes Guidelines on Sound Remuneration Policies and Separate Opinion on Proportionality

Posted in EU Developments
The EU Capital Requirements Directive (CRD) went into effect on January 1, 2014. The CRD introduced what is commonly referred to in the European Union as a “bonus cap” on individual variable remuneration when paid to employees by EU banks and investment firms. Under the CRD, variable remuneration for such individuals is required to be capped… Continue Reading

Anti-Money Laundering Update: HM Treasury Advisory Notice on Money Laundering and Terrorist Financing Controls

Posted in UK Developments
On November 12, HM Treasury published an advisory note on money laundering and terrorist financing controls in jurisdictions outside the European Union. The advisory note identifies that on October 23, the Financial Action Task Force (FATF) published two statements identifying those jurisdictions that the FATF deems to have “strategic deficiencies” in their anti-money laundering and… Continue Reading

UK Senior Managers and Certification Regime To Replace FCA Approved Persons Rules for All UK Authorized Firms

Posted in UK Developments
HM Treasury has announced as part of a new bill introduced in the UK parliament, that the current proposals for rules requiring senior banking individuals to have more responsibility in designated areas within banks operating in the United Kingdom should be extended to all UK firms regulated by the Financial Conduct Authority (FCA) and/or the… Continue Reading