On 15 July 2020, the European Supervisory Authorities (ESAs) jointly published a letter welcoming the European Commission’s public consultation on a renewed sustainable finance strategy as part of its European Green deal.
In the letter the ESAs discuss the following topics that they feel would further bolster Europe’s future sustainable finance strategy: (i)
On 16 July 2020, the European Securities and Markets Authority (ESMA) published two reports on the MiFID II / MiFIR transparency regime:
On 16 July 2020, HM Treasury (HMT) issued a consultation document on updating the UK’s prudential regime before the end of the transition period.
Key points in the consultation document include:
On 16 July 2020, the FCA published Guidance Consultation 20/2: Branch and ATM closures or conversions (GC 20/2).
GC20/2 applies to FCA-regulated firms that operate physical sites like bank branches, building society branches, credit union offices or cashpoints. The proposed guidance sets out the FCA’s expectations that firms should carefully consider the impact
On 16 July 2020, the PRA issued Q&As on the branch return form in order to deal with additional questions it had received from firms on the template and reporting instructions contained in Policy Statement 17/19 ‘Supervising international banks: Revision of the Branch Return.
The Q&As have five sections covering:
On 15 July 2020, HM Revenue and Customs (HMRC) and HM Treasury (HMT) co-published a summary of responses to their technical consultation on the Fifth Money Laundering Directive (5MLD) and Trust Registration Service.
On 24 January 2020, HMRC and HMT published a technical consultation ‘Fifth Money Laundering Directive and
On 15 July 2020, the FCA updated the temporary guidance that it had produced in respect of the COVID-19 pandemic for firms providing motor finance, buy-now pay-later (BNPL), rent-to-own (RTO), pawnbroking and high-cost short-term credit (HCSTC) products.
The temporary guidance was originally published on 24 April 2020. On 3
On 14 July 2020, the European Commission published two updated Brexit readiness notices to stakeholders in the field of:
The notices replace those that were originally published on 8 February 2018 and set out at a high level the implications of the UK becoming a third
On 15 July 2020, HM Treasury published a draft statutory instrument, The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (draft SI) together with an explanatory memorandum.
The Fourth Anti-Money Laundering Directive (4MLD) was implemented in the UK primarily through the Money Laundering, Terrorist Financing and Transfer of
On 15 July 2020, the European Securities and Markets Authority (ESMA) issued a final report containing guidelines on disclosure requirements under the Prospectus Regulation. The guidelines provide guidance to financial market participants regarding the disclosure of financial and non-financial information in a prospectus. The purpose of the guidelines is to ensure that market