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Money Laundering and Terrorist Financing (Amendment) Regulations 2019
On 20 December 2019, there was published on the legislation.gov.uk website, the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (the Regulations), together with an explanatory memorandum.
The Regulations are being made to amend the UK’s existing anti-money laundering and counter-terrorist financing (AML/CTF) legislation, namely the Money Laundering, Terrorist Financing and
Andrew Bailey appointed as BoE Governor
On 20 December, HM Treasury announced that Andrew Bailey, current FCA Chief Executive, has been appointed as the new Governor of the Bank of England (BoE) for an eight-year term.
Mr Bailey will succeed Dr Mark Carney from 16 March 2020. An interim Chief Executive of the FCA will be appointed ahead of
FCA update on Financial Services Regulatory Phoenixing Group
On 20 December 2019, the FCA published a press release providing an update on its Financial Services Regulatory Partners Phoenixing Group.
The group, established in April 2019, aims to tackle the ongoing issue of ‘phoenixing’ in the financial services sector. Phoenixing in this context involves firms and individuals deliberately seeking to avoid their liabilities to
New FCA webpage – What an implementation period would mean
On 20 December 2019, the FCA published a new webpage containing a statement addressing what a Brexit implementation period would mean for the FCA, firms and consumers once the UK leaves the EU with a withdrawal agreement on 31 January 2020.
The FCA explains that during the implementation period, EU law will continue to apply
EU technical expert group on sustainable finance handbook on climate benchmarks and ESG disclosures
On 20 December 2019, the EU technical expert group on sustainable finance (TEG) published a handbook on climate benchmarks and benchmarks’ environmental, social and governance (ESG) disclosures (the Handbook).
The Handbook has been produced in response to frequently asked questions that the TEG encountered when presenting the EU Climate Transition
Council note comparing trilogue positions on proposed Regulation on recovery and resolution of CCPs
On 19 December 2019, the Council of the EU (Council) published a note from the General Secretariat of the Council to the Delegations attaching the following addenda:
- a three-column table setting out the negotiating positions of the European Commission (Commission), the Council and the European Parliament (Parliament) in respect
Commission inception impact assessment on a legislative proposal for digital operational resilience framework for the financial services sector
On 19 December 2019, the European Commission (Commission) published an inception impact assessment on a proposal for a regulation on digital operational resilience for the financial services sector.
The impact assessment has been published alongside a public consultation requesting feedback on how the financial services sector can be improved to be more secure
Commission inception impact assessment on a legislative proposal for EU framework on markets in cryptoassets
On 19 December 2019, the European Commission (Commission) published an inception impact assessment entitled ‘Directive/regulation establishing a European framework for markets in cryptoassets’.
The impact assessment has been published alongside a public consultation requesting feedback on the current regulatory framework for cryptoassets as part of the Commission’s work to promote a new Digital
Commission adopts Implementing Decision amending Commission Implementing Decision on temporary equivalence of UK regulatory framework for CCPs
On 19 December 2019, the European Commission (Commission) adopted an Implementing Decision (Amending Decision) amending Implementing Decision (EU) 2018/2031 (Temporary Equivalence Decision) regarding the temporary equivalence of the UK’s regulatory framework for central counterparties (CCPs) under the regulation on over-the-counter derivatives, CCPs and trade repositories (EMIR