December 2020

Having only days previously made statements that such a deal was unlikely and warning their citizens to prepare for a no deal Brexit, the United Kingdom (UK) and the European Union (EU) announced on 24 December 2020 that they had reached an agreement in principle on trade and co-operation. More than

On 31 December 2020, the FCA issued a statement on the use of the Temporary Transitional Power to modify the UK’s derivatives trading obligation.

The statement provides:

The FCA welcomes the announcement that the UK and EU have agreed a Trade and Cooperation Agreement and the associated Joint Declaration on financial services regulatory cooperation. The

On Christmas eve, the UK Government and the European Commission (Commission) announced that they had reached agreement on a free trade agreement. The deal, covering a collective market worth $905 billion in 2019, is covered  in a 1,246 page EU-UK Trade and Cooperation Agreement (Agreement) which now has to be approved

With the Brexit transition period nearing its end, we set out below an update on the EU 27 temporary transitional measures – the table below lists the jurisdictions for which we have received confirmation of the current position, further updates to other jurisdictions will be posted as and when we receive them.

Summary of jurisdictions

On 22 December 2020, the FCA published its final Brexit instruments and Temporary Transitional Power (TTP) directions.

The update follows the publication in September of the FCA’s Quarterly Consultation Paper (CP20/18) containing draft, onshoring-related instruments. The final instruments are largely unchanged from the versions consulted on in CP20/18, and these changes are outlined in

On 21 December 2020, the European Banking Authority (EBA) updated its report on the implementation of selected COVID-19 policies.

The report was first published on 7 July 2020 and then updated on 7 August 2020 to provide additional clarity on the implementation of the reporting and disclosure framework in the context of the COVID-19 measures.

On 21 December 2020, the European Commission adopted an Implementing Regulation laying down implementing technical standards (ITS) for the application of the Capital Requirements Regulation with regard to supervisory reporting of institutions and repealing Implementing Regulation (EU) No 680/2014 together with annexes.

The Implementing Regulation lays down uniform reporting formats and templates, instructions on

On 21 December 2020, the European Securities and Markets Authority (ESMA) updated its Q&As on the European Market Infrastructure Regulation (EMIR).

ESMA has updated the Q&As to clarify the status after the post-Brexit transition period of legacy derivative transactions executed on UK markets and is relevant for EU counterparties in order to determine applicable EMIR