On 29 October 2019, there was published on the legislation.gov.uk website the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional Provision) (EU Exit) (No 2) Regulations 2019, together with an explanatory memorandum.
The Regulations are being made to address deficiencies in retained EU law in the Regulation on
On 28 October 2019, there was published on the legislation.gov.uk website the Markets in Financial Instruments Exemptions Directions 2019 (Directions).
The Directions have been made by HM Treasury in exercise of the power conferred by regulation 3(1)(g)(a) of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc.) (EU Exit) Regulations 2019.
On 28 October 2019, the European Banking Federation (EBF) published a factsheet on the World Trade Organization (WTO) implications of a no-deal Brexit. The factsheet explains that, in the case of a no-deal Brexit, all trade between the EU and UK will be governed by the international rules agreed by the
On 29 October 2019, the European Securities and Markets Authority (ESMA) published a speech by its chair, Steven Maijoor, focusing on the European Supervisory Authority’s (ESA) role under the Benchmarks Regulation.
In his speech Mr Maijoor focuses on the implementation of the third country regimes, the advice ESMA provided to national
On 29 October 2019, the European Banking Authority (EBA) published a report identifying the potential impediments to the cross-border provision of banking and payment services, alongside a set of related FAQs.
The report was developed under the EBA’s March 2018 Fintech Roadmap as part of its efforts to monitor the use of
On 28 October 2019, the FCA published Policy Statement 19/27: Changes to its responsible lending rules and guidance – feedback on CP19/14 and final rules (PS19/27). In PS19/27 the FCA will remove barriers that prevent consumers from switching to a more affordable mortgage despite being up to date with their current mortgage payments.
On 28 October 2019, the House of Commons Treasury Committee published a report on IT failures in the financial services sector. The report sets out a number of conclusions and recommendations following a series of written submissions from various stakeholders (see previous blog here). These recommendations include:
On 28 October 2019, the Single Resolution Board (SRB) published its work programme for 2020.
The SRB’s priorities for 2020 are structured around the following five strategic areas:
The Loan Market Association has over the last few weeks published exposure drafts of forms of loan agreement referencing risk free rates for new transactions, and a form of agreement with lenders as a first step to agreeing to amend legacy LIBOR loan agreements for alternative reference rates.
On the 25th October 2019 the
To be successful with the launch of an overseas fund, asset managers need to familiarize themselves with legal structures and operational differences as well as an array of regulatory requirements, which can differ between investors and jurisdictions.
Our global financial services regulatory team have launched an on-demand webinar series exploring the key issues and requirements