On 20 December 2018, European Securities and Markets Authority (ESMA) issued a public statement stating that it is ready to review UK central counterparties’ (CCPs) and Central Securities Depositories’ (CSDs) recognition applications for a no-deal Brexit scenario.
ESMA states that it aims to recognise UK CCPs in a timely manner, where the four recognition conditions
On 20 December 2018, the European Securities and Markets Authority (ESMA) published an update on its assessment of third-country trading venues (TCTVs) for the purpose of post-trade transparency and position limits under MiFID II and MiFIR. However, it also states that to date it has not reviewed enough TCTVs to publish a comprehensive list. To
On 20 December 2018, the European Securities and Markets Authority (ESMA) agreed to renew the restriction on the marketing, distribution or sale of contracts for differences to retail clients, in effect since 1 August, from 1 February 2019 for a further three month period.
On 17 December 2018, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament on the decision-making progress with regard to the revised EU prudential framework for investment firms. This framework consists of a proposal for a regulation on prudential requirements for investment firms (the Investment Firm Regulation) and
On 19 December 2018, the European Commission (Commission) issued a press release stating that it has started to implement its “no deal” Contingency Action Plan. This delivers on the Commission’s commitment to adopt all necessary “no deal” proposals by the end of the year, as outlined in its second preparedness Communication of 13 November 2018.
On 19 December 2018, the FCA published an updated approach document (version 3) on payment services and electronic money. The approach document describes the FCA’s approach to implementing the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, and is aimed at businesses that are, or are seeking to become:
On 19 December 2018, the FCA issued a direction for payment institutions wishing to make a notification under the temporary permissions regime.
The FCA directs that a notification must:
• be made by submitting the Firm Temporary Permission Notification using the Connect system (https://connect.fca.org.uk);
• be made following any further instruction published in relation to
On 19 December 2018, the FCA issued a direction for e-money institutions wishing to make a notification under the temporary permissions regime.
The FCA directs that a notification must:
On 19 December 2018, the FCA published Policy Statement 18/25: EU Securitisation Regulation (PS18/25).
In PS18/25 the FCA sets out final and near-final rules that implement the EU Securitisation Regulation and the Capital Requirements Regulation Amendment (CRR Amendment). It follows two earlier FCA consultations (CP18/22 and CP18/30) which the regulator did not receive any formal
On 19 December 2018, the FCA published Policy Statement 18/24: Approach to final Regulatory Technical Standards and EBA guidelines under the revised Payment Services Directive (PS18/24).
In PS18/24, the FCA sets out new or amended rules, directions and guidance to implement regulatory technical standards (RTS) for strong customer authentication and common and secure