Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: UK Developments

Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 Laid Before Parliament

Posted in Brexit/UK Developments, Financial Markets
On January 15, a draft version of the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019, which have been laid before Parliament, was published together with a draft explanatory memorandum.… Continue Reading

Draft PRIIPs Regulations 2019 Published

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On January 9, a draft of the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (Draft Regulations 2019) was published together with a draft explanatory memorandum. The purpose of the Draft Regulations 2019 is to ensure that the regime established under EU Regulation on Key Information Documents for PRIIPs (PRIIPs Regulation) continues… Continue Reading

FCA TPR Notification Window Now Open for EEA-Passported Firms and Fund Managers

Posted in Brexit, Brexit/UK Developments, UK Developments
On January 7, the UK Financial Conduct Authority (FCA) announced that the notification window for the temporary permissions regime (TPR) is now open. In the lead-up to the United Kingdom’s exit from the European Union (Brexit) on March 29 (Exit Day), the agreement on the United Kingdom’s withdrawal (Withdrawal Agreement) has not been ratified by… Continue Reading

FCA Publishes Instruments Implementing the EU Securitization Regulation

Posted in Financial Markets, UK Developments
On January 3, the UK Financial Conduct Authority (FCA) published the Securitization Regulation Implementation (Fees for Third Party Verifiers) Instrument 2019 (FCA 2019/1) and Enforcement (EU Securitization Regulation) Instrument 2019 (FCA 2019/2) (collectively, the Securitization Instruments).… Continue Reading

Short Selling (Amendment) (EU Exit) Regulations 2018 Made in Preparation of Brexit

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On December 7, the Short Selling (Amendment) (EU Exit) Regulations 2018 (UK Regulations) were published, together with an explanatory memorandum. A draft version of the UK Regulations was published on October 10. The UK Regulations ensure that the regime established in the United Kingdom under the EU Short Selling Regulation (SSR) will continue to operate… Continue Reading

FCA Publishes Consultation Paper on Product Intervention Measures for Retail Binary Options

Posted in Financial Markets, UK Developments
On December 7, the UK Financial Conduct Authority (FCA) published a consultation paper on product intervention measures for retail binary options. The FCA is proposing to prohibit the sale, marketing and distribution of binary options in or from the UK to retail consumers by creating new rules in its Conduct of Business sourcebook (COBS).… Continue Reading

FCA Publishes Consultation Paper on Restricting CFD Products Sold to Retail Clients

Posted in Derivatives, Digital Assets and Virtual Currencies, Financial Markets, UK Developments
On December 7, the UK Financial Conduct Authority (FCA) published a consultation paper on restricting contract for difference (CFD) and other derivative products sold to retail consumers. In its consultation paper, the FCA is proposing to intervene in the CFD market to address allegedly poor conduct by firms offering CFD products to retail customers, and… Continue Reading

UK Securitization Regulations 2018 Published

Posted in Financial Markets, UK Developments
On December 4, the UK Securitization Regulations 2018 (UK Regulations) were published, together with an explanatory memorandum. The UK Regulations reflect the application of the EU Securitization Regulation in the UK. The EU Securitization Regulation harmonizes and reforms existing rules on due diligence, risk retention and disclosure for securitizations, securitizing entities and EU regulated institutional… Continue Reading

Electronic Money, Payment Services and Payment Systems Regulations 2018 Published

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On November 20, the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (Regulations) were published with an associated explanatory memorandum. The Regulations make amendments to the Payment Services Regulations 2017 (PSRs) and the Electronic Money Regulations 2011 (EMRs), to ensure that the UK payments and electronic money (e-money)… Continue Reading

UK and EU Publish Draft Brexit Withdrawal Agreement

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On November 14, a technical agreement was reached between the negotiators of the UK and the EU in relation to the terms of the withdrawal of the UK from the EU (the Withdrawal Agreement). Published alongside the Withdrawal Agreement was a non-binding Political Declaration, providing an overview of the intended future relationship between the UK… Continue Reading

FCA Publishes Speech on Brexit Preparations

Posted in Brexit/UK Developments, Financial Markets
On November 5, the UK Financial Conduct Authority (FCA) published a speech by Nausicaa Delfas, FCA Executive Director of International, on Brexit and maintaining market confidence. The speech covers a wide range of Brexit topics and provides an overview of the FCA’s current priorities relating to Brexit, including its work to ensure there is a… Continue Reading

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

Cryptoassets Taskforce Publishes Final Report

Posted in Digital Assets and Virtual Currencies, UK Developments
On October 29, the UK “Cryptoasset Taskforce,” consisting of HM Treasury, the UK Financial Conduct Authority (FCA) and the Bank of England, published its final report setting out the United Kingdom’s policy and regulatory approach to cryptoassets and distributed ledger technology (DLT) in financial services. The Cryptoassets Taskforce was established in March 2018 as part… Continue Reading

Updated Advisory Notice on Money Laundering and Terrorist Financing Controls in Higher Risk Jurisdictions Published by HM Treasury

Posted in Financial Markets, UK Developments
On October 25, HM Treasury published an updated advisory notice on money laundering and terrorist financing controls in higher risk jurisdictions. The Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 require firms to implement policies and procedures to prevent activities relating to money laundering and terrorist financing.… Continue Reading

HM Treasury Publishes Draft Brexit Statutory Instrument Relating to EMIR

Posted in Brexit, Brexit/UK Developments, Derivatives, Financial Markets, UK Developments
On October 22, HM Treasury published the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (Draft EMIR (Brexit) SI), a draft statutory instrument (SI) relating to the European Market Infrastructure Regulation (EMIR). It also has published a supporting explanatory memorandum.… Continue Reading

FCA Publishes Evaluation Paper Relating to Bringing Additional Benchmarks Into Regulatory and Supervisory Regime

Posted in Derivatives, Financial Markets, UK Developments
On October 22, the UK Financial Conduct Authority (FCA) published an evaluation paper that considers the impact that bringing seven additional benchmarks into its regulatory and supervisory regime had on the market. The paper evaluates the Benchmarks (Amendment) Instrument 2015 (Benchmarks Instrument), by which the FCA made amendments to the FCA Handbook to reflect the… Continue Reading

FCA Updates Webpage on MiFID II Position Limits for Commodity Derivative Contracts

Posted in Derivatives, Financial Markets, UK Developments
On October 22, the UK Financial Conduct Authority (FCA) updated its webpage for bespoke position limits set for a number of commodity derivatives traded on UK trading venues, namely contracts traded on ICE Futures in the United Kingdom. Following ICE Futures’ recent update of its range of products, the FCA has made the following amendments… Continue Reading

FCA Announces Launch of Green FinTech Challenge

Posted in Digital Assets and Virtual Currencies, UK Developments
On October 19, the UK Financial Conduct Authority (FCA) published a webpage announcing the launch of its “Green FinTech Challenge”, an initiative to support firms developing innovative products and services in the green, financial technology (FinTech) sector. The Challenge is open to start-ups, incumbents and technology providers. Firms developing broader ethical, environmental, social or governance… 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

UK Government Publishes Guidance on Trading Energy After a No-Deal Brexit

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On October 12, the UK Department for Business, Energy and Industrial Strategy (BEIS) published two guidance notes relating to trading in energy should the UK leave the EU without agreement (No-Deal Brexit). One guidance note focuses on gas and the other relates to electricity. The guidance notes are part of a series of technical notices… Continue Reading