On 29 January 2019, the European Central Securities Depositories Association (ECSDA) published an updated version of its draft Central Securities Depositories Regulation (CSDR) penalties framework. The first draft framework was published for consultation in July 2018, and the updated draft reflects comments received during the public consultation.
The ECSDA CSDR Penalties Framework is the effort
On 29 January 2019, there was published in the Official Journal of the EU (OJ), Council Decision (EU) 2019/134 of 21 January 2019 on the position to be adopted, on behalf of the European Union, within the EEA Joint Committee, concerning the amendment of Annex IX (Financial Services) to the EEA Agreement. The decision states
On 24 January 2019, the Ministry of Economic and Finance issued a press release to inform the market that the Italian Government is preparing the necessary measures to ensure the continuity of markets and intermediary business should a hard Brexit occur (i.e. exit with no deal). The press release is available at this link (in
The UK Government (the Government) has recently published the first update on its Anti-Corruption Strategy 2017-22 (the Strategy).
The Strategy seeks to provide a framework to guide the Government’s anti-corruption policies and actions with a particular focus on economic crime. It provides a set of objectives covering a number of different areas, including bribery and
Representatives of the governments of the UK and of Switzerland have signed a bilateral agreement to replicate the effect of an existing agreement in place between the European Union and Switzerland in respect of direct non-life insurance (the 1989 bilateral agreement between the European Economic Community and the Swiss Confederation concerning direct insurance other than
On 29 January 2019, MPs within the House of Commons debated the Prime Minister’s neutral motion designed to allow discussion of the next steps on Brexit, with MPs tabling amendments. The crunch time began at 7pm when MPs began voting on the various amendments. The speaker of the House of Commons, John Bercow MP, selected
On 28 January 2019, the FICC Markets Standards Board (FMSB) has published the final version of its standard on secondary market trading error compensation under its remit to improve conduct and raise standards in the wholesale fixed income, currencies and commodities markets.
The new standard sets out expected behaviours that are designed to improve the
In June 2016, the FCA launched its retirement outcomes review (ROR). The regulator wanted to assess how the retirement income market was evolving following the introduction of the pension freedoms, to address any emerging issues that might cause consumer harm and put the market on a good footing for the future.
In June 2018, the
On 28 January 2019, there has been published on legislation.gov.uk a copy of The Financial Services (Distance Marketing) (Amendment and Savings Provisions) (EU Exit) Regulations 2019, together with an explanatory memorandum. Our earlier blog explaining the purpose of the draft statutory instrument can be found here.
You can track the financial services Brexit
On 28 January 2019, the FCA published Consultation Paper 19/6: Changes to align the FCA Handbook with the EU Prospectus Regulation (CP19/6).
In CP19/6 the FCA sets out the changes that it plans to make to ensure that the Prospectus Rules sourcebook is consistent with the EU Prospectus Regulation (the Regulation). This mainly involves removing