On January 18, the UK’s Financial Conduct Authority (FCA) published a statement reminding UK-authorized firms of their obligations to periodically review their regulatory permissions under Part 4A of the Financial Services and Markets Act 2000 to ensure they are up-to-date or otherwise removed where they are not needed (the Statement).
Continue Reading FCA Reminds UK Firms to Regularly Review Their Regulatory Permission

On December 30, 2020, HM Treasury (HMT) announced that the open access regime for exchange-traded derivatives (ETDs) introduced by the Markets in Financial Instruments Regulation (MiFIR) will continue to apply in the United Kingdom following the end of the transition period on December 31, 2020.
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On December 31, 2020, the UK’s Financial Conduct Authority (FCA) published a statement on the use of temporary transitional power (TTP) to modify the UK’s derivatives trading obligation (DTO). The TTP will be implemented on December 31, 2020 at 11:00 p.m. UK time (the Statement).
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On December 14, the UK’s Financial Conduct Authority (FCA) published its first consultation paper on the implementation of the Investment Firms Prudential Regime (IFPR) (CP20/24) with its proposal for the UK’s new regulatory capital/ prudential rules following the end of the Brexit transition period (the Consultation Paper).

The FCA intends to create a new Prudential sourcebook for Markets in Financial Instruments Directive (MiFID) Investment Firms (MIFIDPRU).
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On December 15, the UK’s HM Treasury published a call for evidence on the UK framework for financial services firms based overseas that are seeking to conduct activities in the UK.

The purpose of the call for evidence is to obtain information about how the existing UK rules work in practice. HM Treasury intends to use this information to develop the UK’s regulatory framework following the end of the Brexit transition period.
Continue Reading HM Treasury Call For Evidence on UK Overseas Framework and Overseas Persons Exclusion Post-Brexit

On December 15, the UK’s HM Treasury announced its intention to enact a statutory instrument under the UK’s retained version of the Short Selling Regulation (SSR), amending the initial notification threshold for the reporting of certain net short positions to the Financial Conduct Authority (FCA) (the Guidance).
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On November 19, the UK’s Financial Conduct Authority (FCA) published a consultation paper proposing an increase to application fees paid by new businesses seeking its authorization and application changes made under the Senior Managers Certification Regime (SMCR) (the Consultation Paper).
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On November 20, the UK’s House of Commons Treasury Committee published a press release announcing the launch of a further inquiry into the future of the UK’s financial services sector following the end of the Brexit transition period (the Press Release).
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On November 23, the UK’s Financial Conduct Authority (FCA) updated its webpage confirming that data on certified and assessed persons (Directory Persons) submitted by dual-regulated firms under the Senior Managers and Certification Regime (SM&CR) is now live on the Financial Services Register (FS Register) (the Webpage).
Continue Reading FCA Launches Data on Directory Persons on Financial Services Register