Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: PRA

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

FCA Consults on Changes to DEPP and EG in Its Handbook to Reflect EU Securitization Regulation Implementation

Posted in Financial Markets, UK Developments
On October 12, the UK Financial Conduct Authority (FCA) published a consultation paper (October Consultation Paper) setting out its proposals to amend the Decision Procedure and Penalties (DEPP) manual and Enforcement Guide (EG) of the FCA Handbook. The FCA explains that the amendments are needed because of the changes introduced by the statutory instrument (SI),… Continue Reading

FCA Publishes Discussion Paper and PRA Consults on Climate Change and Green Finance

Posted in Financial Markets, UK Developments
On October 15, the UK Financial Conduct Authority (FCA) published a discussion paper (Discussion Paper) on climate change and green finance. On the same day, the UK Prudential Regulation Authority (PRA) published a consultation paper (Consultation Paper) on a draft supervisory statement (Draft Supervisory Statement) on enhancing the approach of banks and insurers to managing… Continue Reading

HM Treasury Publishes Draft Brexit Statutory Instruments Relating to MiFID II and Trade Repositories

Posted in Brexit/UK Developments, Financial Markets
On October 5, HM Treasury published two draft statutory instruments (SIs) together with explanatory notes, which will make amendments to retained EU law relating to the revised Markets in Financial Instruments Directive (MiFID II) and Trade Repositories (TRs).… Continue Reading

FCA and PRA Published Dear CEO Letters on Transition From LIBOR to Risk-Free Rates

Posted in Financial Markets, UK Developments
On September 19, the UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority (PRA) published Dear CEO letters that they jointly sent to the chief executive officers (CEOs) of major banks and insurance companies regulated in the United Kingdom, regarding their preparations for the transition from the London Interbank Offered Rate (LIBOR) to alternative… Continue Reading

UK BoE, PRA and FCA Publish Paper on Operational Resilience of UK Financial Services Sector

Posted in Financial Markets, UK Developments
On July 5, the Bank of England (BoE), UK Prudential Regulatory Authority (PRA) and UK Financial Conduct Authority (FCA) (together, the Supervisory Authorities) published a joint discussion paper on an approach to improve the operational resilience of firms and financial market infrastructures (FMIs) in the UK financial services sector.… 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

Bank of England and PRA Publish Their Approach to Temporary Permissions Regime and Temporary Recognition Regime

Posted in Brexit, Brexit/UK Developments, UK Developments
On July 24, the Bank of England (BoE) published a webpage on its and the UK Prudential Regulation Authority’s (PRA’s) approach to the temporary permissions regime (TPR) and the temporary recognition regime (TRR). The TPR aims to enable EEA firms currently using a passport operating in the United Kingdom to continue their activities in the… Continue Reading

PRA Publishes Policy and Supervisory Statements on Algorithmic Trading

Posted in Financial Markets, UK Developments
On June 15, the UK Prudential Regulation Authority (PRA) published a policy statement and a supervisory statement on algorithmic trading. While the PRA’s policy only directly applies to PRA-regulated and dual-regulated firms, such as banks, UK Financial Conduct Authority-regulated firms (e.g., most proprietary trading firms) may wish to take into account the PRA’s expectations regarding… 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 Treasury Committee Calls for a New UK Enforcement Body

Posted in Financial Markets, UK Developments
On July 26, the UK Treasury Committee published a review of reports (Report) into the failure of the UK banking group Halifax Bank of Scotland (HBOS). Notably, the Report includes a review of the enforcement functions of the UK Financial Services Authority (which was subsequently divided into the Financial Conduct Authority (FCA) and the Prudential… Continue Reading

UK Court of Appeal Decision: Certain Administrative Activities Conducted in the UK

Posted in UK Developments
On May 17, 2016, the UK Court of Appeal issued a ruling (the Decision) in the case of Personal Touch Financial Services v Simplysure, which significantly broadens the meaning of “arranging deals” and also by consequence, the scope of regulated activities in the United Kingdom. In its Decision, the Court of Appeal analysed the regulated… Continue Reading

FCA and PRA Confirm That Bonus Cap Will Not Apply to Smaller Firms

Posted in UK Developments
On February 29, the Bank of England and Financial Conduct Authority (FCA) published separate press releases in relation to the implementation of the European Union’s fourth Capital Requirements Directive (CRD IV). The press releases confirm that the Prudential Regulation Authority (PRA) and FCA have informed the European Banking Authority (EBA) that they will not apply… 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

UK PRA Consults on Application of Resolution Stays to Third-Country Agreements

Posted in EU Developments, UK Developments
On May 26, the UK Prudential Regulation Authority (PRA) published a consultation paper to require PRA-supervised firms covered by the EU Bank Resolution and Recovery Directive (BRRD) to include in their contractual agreements governed by third-country law an agreement by the relevant counterparty to subject itself to the general and temporary stay provisions of the… Continue Reading