On 28 November 2018, the Department for Exiting the European Union (DexEU) published a command paper on the long-term economic analysis of the UK’s withdrawal from the EU (the Paper), together with a number of supporting documents.
The analysis compares potential future policy scenarios against today’s arrangements, holding all other factors constant – only considering
On 28 November 2018, HM Treasury published a policy note on The Financial Services (Implementation of Legislation) Bill (the Bill).
HM Treasury is currently working on an ‘onshoring project’, which will see around 60 statutory instruments (SIs) made under the European Union (Withdrawal) Act 2018 (EUWA) to ensure a functioning financial services regime at the
On 28 November 2018, there was published on legsislation.gov.uk The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (the Order), together with an explanatory memorandum. The Order supplements the Financial Guidance and Claims Act 2018, and transfers the regulation of claims management activities from the Claims Management Regulation Unit in the
On 28 November 2018, there was published on legislation.gov.uk The Banks and Building Societies (Priorities on Insolvency) Order 2018 (the Order), together with an explanatory memorandum. The Order implements the Bank Creditor Hierarchy Directive which in turn amends the Bank Recovery and Resolution Directive, specifically the ranking of unsecured debt within the insolvency hierarchy, providing
On 28 November 2018, the FCA published a report, FCA Mission: Approach to Authorisation (the Report). The FCA published a consultation on ‘our approach to authorisation’ in December 2017, and consequently the Report reflects those changes based on feedback to the consultation. The FCA notes in Annex 1 of the Report that the following
Introduction
On 27 November 2018, the European Supervisory Authorities (ESAs) published a final report with draft regulatory technical standards (RTS) proposing to amend the Commission Delegated Regulation on the risk mitigation techniques for over-the-counter (OTC) derivatives not cleared by a central counterparty (CCP) (bilateral margin requirements) under the European Market Infrastructure Regulation (EMIR).
The draft
On 28 November 2018, the European Commission published a draft Delegated Regulation supplementing the Prospectus Regulation. The Annexes to the Delegated Regulation have been published separately, containing information on registration documents: securities notes; additional information to the registration documents and securities notes; EU Growth prospectus; and other categories of information. The draft text notes that
On 27 November 2018, the Futures Industry Association (FIA) published a position paper on recommendations for central counterparty (CCP) risk management. The position paper makes recommendations in the following areas for CCP risk management, including:
On 28 November 2018, the European Commission published a communication (the Communication) regarding progress on the Capital Markets Union (CMU). The Communication notes that thus far, only three out of thirteen tabled legislative proposals to form the framework of the CMU have been agreed between the European Parliament and the European Council (the Prospectus Regulation,
On 28 November 2018, the European Commission published its third progress report on the reduction of non-performing loans (NPL) and further risk reduction in the Banking Union (the Report). The Report notes that NPL ratios continued to decline in the first half of 2018. This followed the overall trend of improvement over recent years. The