Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: UK Developments

FCA Publishes Policy Statement on New Financial Services Directory

Posted in Financial Markets, UK Developments
On March 8, the UK Financial Conduct Authority (FCA) published a policy statement on a new directory of financial services workers (Directory). This follows the FCA’s proposals to introduce the Directory and amend the existing financial services register (FS Register) in its consultation paper of July 2018 (as reported in the Corporate & Financial Weekly… Continue Reading

PRIIPs Regulations Made in Preparation for Brexit

Posted in Brexit, Financial Markets, UK Developments
On February 28, the Packaged Retail and Insurance-based Investment Products (PRIIPs) (Amendment) (EU Exit) Regulations 2019 (UK Regulations) were published together with a draft explanatory memorandum. The UK Regulations were laid before Parliament on January 9, as reported in the January 11 edition of Corporate & Financial Weekly Digest. There do not appear to be… Continue Reading

FCA Publishes Statement on Operation of UK MiFIR Transparency Following No-Deal Brexit

Posted in Brexit, Financial Markets, UK Developments
On March 4, the United Kingdom Financial Conduct Authority (FCA) published a document containing statements of policy on how it intends to operate the transparency regime under the retained UK version of the European Union’s Markets in Financial Instruments Regulation (UK MiFIR), if the United Kingdom leaves the European Union without an implementation period. The… Continue Reading

FCA Publishes Speech on Firms’ Progress To Transition From LIBOR to Alternative Risk-Free Rates

Posted in Financial Markets, UK Developments
On February 21, the UK Financial Conduct Authority (FCA) published a speech by Megan Butler, the executive director of supervision—Investment, Wholesale and Specialists at the FCA, on firms’ progress in transitioning from the London Interbank Offered Rate (LIBOR) to overnight risk-free rates (RFRs). The FCA and the UK Prudential Regulation Authority (PRA) are in the… Continue Reading

Statement Published on Post-Brexit Continuity of Derivatives Trading and Clearing Measures

Posted in CFTC, Financial Markets, UK Developments
On February 25, the Bank of England (BoE), the UK Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission published a joint statement on measures intended to ensure the continuity of UK-US derivatives trading and clearing activities following the United Kingdom’s withdrawal from the European Union (Brexit).… Continue Reading

FCA Publishes Policy Statement on Further Asset Management Market Study Remedies

Posted in Financial Markets, UK Developments
On February 4, the UK Financial Conduct Authority (FCA) published a Policy Statement on further remedies to promote competition in the asset management sector, following its asset management market study (AMMS) (see the June 30, 2017 edition of Corporate & Financial Weekly Digest for further details on the FCA’s Final Report on AMMS).… Continue Reading

Bank of England and FCA Provide Updates on Post-Brexit Market Infrastructure Transitional Arrangements and Applications

Posted in Brexit/UK Developments, Financial Markets, UK Developments
On January 24, the Bank of England updated its financial market infrastructure supervision websites with interim lists of entities and systems that will enter into the various temporary or transitional arrangements on exit day should the United Kingdom leave the European Union with no implementation period. The lists consist of: Third-country central counterparties (CCPs) that… Continue Reading

FCA Consults on Optimizing the SM&CR and Proposes Excluding Heads of Legal From Senior Managers Regime

Posted in Financial Markets, UK Developments
On January 23, the UK Financial Conduct Authority (FCA), published a consultation paper on optimizing the senior managers and certification regime (SM&CR) (for further details on the SM&CR, see the March 11, 2016 edition of the Corporate & Financial Weekly Digest). Its proposals intend to help firms adjust to the SM&CR and to identify some… Continue Reading

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