On 15 December 2023, the European Securities and Markets Authority (ESMA) issued a public statement in relation to the consequences of Brexit for the ESMA register for benchmark administrators and third country benchmarks (ESMA register) under the Benchmark Regulation (BMR). Key points in the public statement include:… Continue Reading
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New Split the difference podcast – Post Brexit landscape and equivalence
In the latest episode of our Split the difference podcast series, which explores divergence and convergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah Meakin, Floortje Nagelkerke, Anna Carrier and Simon Lovegrove discuss the UK/EU MoU on regulatory cooperation in financial services, equivalence and the impact on market infrastructure. … Continue Reading
Seminar – Markets infrastructure: The big picture post-Brexit
The Norton Rose Fulbright annual Markets Infrastructure seminar is back! Please join us from 15:45 – 19:00 on Thursday, 8 September 2022 for an update and discussion on key topics in the world of trade and post-trade. The seminar will be of interest to legal, compliance and risk professionals working with the buy and sell … Continue Reading
House of Commons’ European Scrutiny Committee inquiry looks at regulating after Brexit
Posted in Brexit, United KingdomOn 14 June 2022, the House of Commons’ European Scrutiny Committee launched a post-Brexit regulatory divergence inquiry. The inquiry will look into the benefits and challenges to business and the UK economy of diverging from copied EU regulations when the UK left the block, and where the Government should rewrite or repeal these laws. The … Continue Reading
The desks mapping review – integrating Brexit banks into European banking supervision
On 19 May 2022, the European Central Bank (ECB) updated its supervision blog by posting an update by its chair, Andrea Enria. The posting concerns Brexit and the relocation of business by international banks from London to subsidiaries in the euro area. The blog posting refers to the ECB’s supervisory work in the form of … Continue Reading
Cabinet Office policy paper regarding the benefits of Brexit
Posted in Brexit, United KingdomThe policy paper discusses financial services at pages 49 to 52 and touches on the following issues: the UK as a global hub, creating a competitive marketplace, technology and innovation and green finance. In relation to technology and innovation the policy paper mentions that the FCA will take forward a ‘scale box’ to help fintech … Continue Reading
The future of the UK retail investment market: a post-Brexit and COVID-19 outlook
8 September 2021 | 08:50 AM – 09:30 AM BST In retail – the front line of the financial sector – things have moved on significantly since the start of the COVID-19 pandemic with the introduction of new technology and investment opportunities. With these changes new risks have emerged, increasing vulnerability among consumers – particularly younger consumers … Continue Reading
FCA consults on post-Brexit divergence for PRIIPS regulation
Posted in Retail, United KingdomOn 20 July 2021, the FCA published Consultation Paper 21/23: PRIIPs – Proposed scope rules and amendments to Regulatory Technical Standards (CP21/23). The proposals in CP21/23 will be of particular interest to consumers, consumer organisations and those firms and individuals that manufacture Packaged Retail and Insurance based Investment Products (PRIIPs) and those who advise on … Continue Reading
Post-Brexit changes for some consumer credit firms from 1 June 2021
Posted in Consumer credit, United KingdomOn 13 April 2021, the FCA issued a short statement on its website reminding firms about changes certain consumer credit firms will have to make to pre-contract consumer credit information forms. These changes will need to be made from 1 June 2021. If they are not made, the credit agreement may only be enforceable against … Continue Reading
ESMA clarifies corporate disclosures obligations for UK issuers after Brexit
On 31 March 2021, the European Securities and Markets Authority (ESMA) issued a statement concerning the application of transparency requirements by UK issuers with securities admitted to trading on regulated markets in the EU under Article 4 of the Transparency Directive (TD). ESMA is issuing the statement to promote common supervisory practices among Member State … Continue Reading
