At the end of the transition period UK investment firms will lose the right to passport their investment services in the EEA, EEA investment firms will also lose the right to passport their investment services into the UK. With the increasing possibility that the transition period will end without a free trade agreement and mutual
On 18 November 2020, the Financial Stability Board (FSB) published its 2020 Resolution Report.
In relation to banks the report notes that global systemically important banks (G-SIBs) are estimated to already meet the final 2022 minimum external total loss absorbing capacity (TLAC) requirement. While disclosure of external TLAC
As the Brexit negotiations enter a critical phase, firms and market participants may still be wondering how to plan for the future. In the latest of our financial services videos, Norton Rose Fulbright’s Global Head of Financial Services, Jonathan Herbst, provides an update on the likely impact of Brexit.
To view the video, please click
On 21 May 2020 the Act implementing the Fifth Anti-Money Laundering Directive (5MLD) (Implementatiewet wijziging vierde anti-witwasrichtlijn, the Act) entered into force. The Dutch Central Bank (De Nederlandsche Bank, DNB) has published a news item emphasizing that the transitional arrangements laid down in the Act will expire on 21
On September 24, 2020 the European Commission published its long-anticipated Digital Finance package, comprising legislative proposals and non-legislative communications. One of the legislative proposals published included a draft regulation on markets in crypto-assets (MiCA). MiCA is the first European-level legislative initiative aiming to introduce a harmonized and comprehensive framework for the issuance, application
On 17 November 2020, the FCA updated its guidance to firms setting out enhanced support that should be available to mortgage borrowers experiencing payment difficulties as a result of the COVID-19 pandemic. The updated guidance will be fully in force from 20 November 2020 but the FCA encourages firms that are able to start providing
On 17 November 2020, the FCA updated its web page regarding Policy Statement 20/11 ‘Mortgages: Removing barriers to intra group switching and helping borrowers with maturing interest only and part and part mortgages’ (PS20/11). The update states that the FCA has issued an updated version of the guidance in relation to delaying the
On 17 November 2020, the Financial Stability Board (FSB) published a letter from its Chair and two reports delivered to G20 Leaders ahead of their summit this week:
Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here.
Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has
On 3 November 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM) published the Trend Monitor 2021 (Trendzicht 2021). Every year, the AFM identifies the most important trends and related risks that will have an impact on the financial markets, in order to then further develop its