On 23 August 2018, the Secretary of State for Exiting the EU, Dominic Raab MP, gave a speech on planning for a ‘no deal’ Brexit. The speech was followed by the UK Government issuing over 20 sector specific guidance notices on how businesses and individuals should prepare for a ‘no deal’ Brexit plus an overview
On 22 August 2018, the European Commission published a Delegated Regulation which amends Delegated Regulation (EU) 2016/1675 supplementing the Fourth Anti-Money Laundering Directive (4MLD).
The Delegated Regulation adds Pakistan to the Annex of Delegated Regulation (EU) 2016/1675 which details third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes.
According to Article
On August 8, 2018, the U.S. Commodity Futures Trading Commission (CFTC) announced a notice of proposed rulemaking, which if adopted as proposed, would set out the policies and procedures for clearing organizations located outside of the United States to follow if they want to obtain an exemption from registration as a derivatives clearing organization (DCO).
On 21 August 2018, HM Treasury published a draft of The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (the draft SI), together with an explanatory memorandum.
The draft SI is made under the European Union (Withdrawal) Act 2018, to prevent or mitigate any failure of EU law upon the UK’s withdrawal from the EU.
On 20 August 2018, the FCA published Consultation Paper 18/23: Claims management companies: recovering the costs of FCA regulation and the Financial Ombudsman Service (CP18/23). The consultation comes ahead of responsibility for claims management regulation passing from the Claims Management Regulator to the FCA on 1 April 2019, which will bring claims management companies (CMCs)
On 20 August 2018, the Association for Financial Markets in Europe (AFME) and the European Association for Independent Research Providers published guidance on how unconnected research analysts can access issuer information in UK Initial Public Offerings (IPOs) under the FCA’s new rules governing IPOs, which came into force on 1 July 2018.
The guidance mentions
On 20 August 2018, the European Central Bank (ECB) published a presentation which introduces its views on “empty shells” and booking models.
The ECB’s supervisory expectations cover a broad range of topics and focus on the risk framework from a first / second line perspective, and will be used in the assessment of Brexit cases
On 20 August 2018, the UK Government published a presentation setting out its views on the framework for the UK-EU partnership in financial services. The presentation follows the UK Government’s White Paper on the future EU / UK relationship (here).
Key themes in the presentation include:
On 20 August 2018, the Financial Ombudsman Service (FOS) published an update to their 2016 complaints data consultation. Responses to the 2016 consultation suggested a measure of new cases per 100 FCA-reportable complaints, a “referral rate”. This would require using the FCA’s published complaints data alongside the FOS’ own to calculate the percentage of
On 20 August 2018, the European Central Bank (ECB) published Guideline (EU) [2018/XX] of the European Central Bank of 3 August 2018 amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2018/20). The guideline clarifies and amends aspects of ECB/2012/27 in light of the introduction of the TARGET instant payment