July 2019

On 30 July 2019, the Financial Markets Law Committee (FMLC) published a letter it had sent to HM Treasury concerning the implementation of the Fifth Anti-Money Laundering Directive (5MLD) and cryptoassets.

The FMLC highlights discrepancies between the definition of ‘virtual currencies’ provided for in Article 1(2)(d) of 5MLD and the non-legislative definition adopted by UK

On 30 July 2019, the FCA published Consultation Paper 19/26: Draft technical standards on the content and format of STS notifications under the onshored Securitisation Regulation (CP19/26).

The European Securitisation Regulation (the EU Securitisation Regulation) came into effect on 1 January 2019. It is part of the Capital Markets Union action plan, outlines the general

On 30 July 2019, the FCA published a package of pension related proposals designed to improve the quality of pension transfer advice and to help consumers get better value from their pension. These proposals include:

  • consultation paper (CP19/25) setting out a proposed ban on contingent charging for pension transfer advice designed to protect customers from

On 30 July 2019, there was published in the Official Journal of the EU, European Commission implementing decisions relating to the equivalence of jurisdictions’ legal and supervisory frameworks to the requirements of the Credit Rating Agencies (CRA) Regulation.

Commission implementing decisions repealing previous positive equivalence determinations under the CRA Regulation have been published for Argentina

On 29 July 2019, the European Commission issued a communication setting out its overall approach to equivalence and recent legislative developments in terms of how the Commission grants equivalence to non-EU countries. It also describes how the Commission and the European Supervisory Authorities monitor the situation in those non-EU countries after equivalence decisions have been

On 26 July 2019, the FCA published Handbook Notice 68.

This Handbook Notice provides a summary of the changes the FCA board made to the Handbook on 11 and 25 July 2019. The relevant instruments are:

  • Prospectus Regulation Rules Instrument 2019;
  • Individual Accountability (FCA-Authorised Firms) Instrument 2019;
  • Conduct of Business Sourcebook (Investment Pathways) Instrument

On 26 July 2019, there was published in the Official Journal of the EU, the European Central Bank (ECB) guideline governing the euro short-term rate (€STR) and establishing the ECB’s responsibility for its administration and oversight. The guidelines also establish the responsibilities of the ECB and national central banks and sets out the provisions for