On December 2, the UK’s Financial Conduct Authority (FCA) published a draft transitional direction alongside an explanatory note, for share trading obligation under the Markets in Financial Instruments Regulation (600/2014) (MiFIR) in preparation for the end of the Brexit transition period (the Direction).
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Prudential Regulation Authority
HM Treasury Statement on the New Prudential Regime for Banks and Investment Firms
Posted in Financial Markets, UK Developments
On June 23, HM Treasury published a policy statement (the Statement) on its approach to legislating for the new prudential standards in the forthcoming Financial Services Bill (the Bill).
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CFTC Approves Final Rules Regarding Margin Requirements for ESM and Consumer Privacy
By Kevin M. Foley & Jack A. West on
Posted in CFTC, Derivatives
On April 14, the Commodity Futures Trading Commission (CFTC) unanimously approved two final rules as follows:
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FCA Outlines Financial Resilience Expectations for FCA Solo-Regulated Firms During Covid-19 Pandemic
Posted in Financial Markets, UK Developments
On March 26, the UK’s Financial Conduct Authority (FCA) published a statement on its expectations of FCA solo-regulated firms in light of the Covid-19 pandemic (the Statement).
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Delay of Final Implementation of Swap Initial Margin Rules
By Guy C. Dempsey Jr. on
On July 23, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) published a revised framework for mandatory initial margin applicable to swaps that are not cleared with a central clearing party. The key revision was the insertion of an additional year into the implementation schedule for the margin rules.
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Draft Financial Regulators’ Powers Regulations 2018 Published
On July 16, a draft of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 was published. The publication of the draft regulations follows the making of the first delegated legislation under the European Union (Withdrawal) Act 2018 earlier this month (discussed in the Corporate & Financial Weekly Digest edition of July 13, 2018) and provides one of the first indications of the UK approach to “onshoring” EU legislation as part of the United Kingdom’s withdrawal from the European Union (Brexit).
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Conforming Amendments Proposed for Bank Swap Margin Rules
By Guy C. Dempsey Jr. on
On February 5, the Prudential Regulators—the five federal banking regulators for swap dealers that are banks—proposed technical amendments to their margin rules for uncleared swaps. The amendments aim to harmonize the definition of Eligible Master Netting Agreement (EMNA) in the margin rules with recent changes made to the definition of “Qualifying Master Netting Agreement” (QMNA) in the capital and liquidity rules applicable to banks.
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PRA Issues “Dear CEO” Letters on Brexit Contingency Planning
Posted in Brexit, UK Developments
On April 7, the Prudential Regulation Authority (PRA) published a copy of the “Dear CEO” letter it had sent to firms relating to contingency planning for the UK’s withdrawal from the European Union. The letter was sent by Sam Woods, chief executive officer of the PRA, in response to a speech by Mark Carney, governor of the Bank of England—also delivered on April 7—on the future of global financial services regulation (available here).
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FCA Launches New UK Financial Services Register
By Neil Robson on
Posted in UK Developments
On September 3, the Financial Conduct Authority (FCA) published a press release in connection with its September 7 launch of a new and updated version of the UK Financial Services Register (the “Register”).
The release states that the aim of the new Register is to make it easier to find information on firms, individuals and other bodies that are, or have been, regulated by the FCA or the Prudential Regulation Authority (PRA).
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