On 1 December 2021, the Council of the European Union, agreed on a mandate to negotiate with the European Parliament on the proposed Regulation on information accompanying transfers of funds and certain crypto-assets. This proposal is part of a package of legislative proposals to strengthen the EU’s anti-money laundering and countering terrorism financing rules, presented … Continue Reading
The recording of our recent webinar ‘The UK TPR is ending – what should EU firms do next’ is now available. The webinar, which is targeted both at standalone EU firms using the temporary permissions regime (TPR) and at EU firms using the TPR who are within those groups with a UK presence, covers the … Continue Reading
On 17 August 2021, the Office of Gas and Electricity Markets (Ofgem) issued a consultation paper on changes to its REMIT procedural guidelines and REMIT penalties statement. These documents set out how Ofgem uses its powers to enforce REMIT and how it determines penalties for REMIT breaches. Changes to these documents are being made to … Continue Reading
On 1 September 2021 from 8:50am to 9:50am (UK time) we will be holding a webinar ‘The UK TPR is ending – what should EU firms do next?’ The UK provided a broad temporary permissions regime (TPR) which made it easy for EU investment firms to do business into the UK post Brexit. This regime … Continue Reading
On 4 August 2021, the FCA updated its webpage ‘Pre-paid funeral plans firms: apply for authorisation’ by adding information in the section “Applications for authorisation”. The FCA reminds firms that they will need an account on its Connect system to start drafting the application for authorisation. The FCA has also made available the firms that … Continue Reading
On 29 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the 25th edition of its Questions and Answers on the Regulation on wholesale energy market integrity and transparency (REMIT). The 25th edition of the Q&As on REMIT provides the following new Q&As: 3.9 – Under which conditions Citizens Energy Communities … Continue Reading
On 22 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the sixth edition of its guidance on the Regulation on wholesale energy market integrity and transparency (REMIT). The guidance is intended to help EU national regulatory authorities on the application of the definitions set out in Article 2 of REMIT … Continue Reading
On 6 July 2021, the PRA published Policy Statement 15/21 ‘Regulated fees and levies: Rates for 2021/22’ (PS15/21) PS15/21 is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2021/22 fee year. It sets out: The fee rates to meet the PRA’s 2021/22 Annual Funding Requirement (AFR) … Continue Reading
On 1 June 2021, the FCA updated its webpage concerning how to apply for authorisation. The FCA has added a new section titled “Change of legal status” which provides: “If you change your firm’s legal status you will need to submit a new firm authorisation application. You will also have to sign a Deed Poll … Continue Reading
On 28 May 2021, the FCA published Handbook Notice No 88. In this Handbook Notice the FCA summarises the Individual Accountability (Miscellaneous Amendments) Instrument 2021 which the FCA Board approved on 27 May 2021. This instrument makes changes to the FCA Handbook to reflect the FCA’s expectations for firms to notify the regulator of when … Continue Reading
On 20 May 2021, the FCA updated its webpage regarding change of legal status. From 1 June 2021, the FCA will no longer be accepting change of legal status applications. Instead, if a firm is thinking of changing its legal status, it will need to submit a new authorisation application. The firm will also need … Continue Reading
On 11 May 2021, the European Union Agency for the Cooperation of Energy Regulators (ACER) published the fifth edition of its guidance on the application of the Regulation on wholesale energy market integrity and transparency (REMIT). In this edition, ACER provides more detailed guidance concerning the definition of information and inside information under REMIT.… Continue Reading
On 3 May 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published updated REMIT guidance comprising of: New version of Annex II of the Transaction Reporting User Manual (TRUM). Annex VII of the Manual of Procedures on data reporting. FAQs on transaction reporting and on fundamental data and inside information. Annex II … Continue Reading
On 30 April 2021, the FCA published Handbook Notice 87. The Handbook Notice describes the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers on 25 March 2021 and 29 April 2021. On these dates the FCA Board approved the following: Supervision Manual (Financial … Continue Reading
On 20 April 2021, the FCA published Consultation Paper 21/8 ‘FCA regulated fees and levies: rates proposals 2021/22’ (CP21/8). In CP21/8 the FCA consults on its periodic fees for the next financial year (2021/22) and further FCA fees policy proposals. The FCA is also consulting on the Financial Ombudsman Service general levy, Money and Pensions … Continue Reading
On 8 April 2021, the PRA published Consultation Paper 8/21 ‘Regulated fees and levies: Rates proposals 2021/22’ (CP8/21). CP8/21 is relevant to all firms that currently pay PRA fees or are expecting to do so within the 2021/22 fee year. The proposals in CP8/21 cover: The fee rates to meet the PRA’s 2021/22 Annual Funding … Continue Reading
On 26 March 2021, the FCA issued Handbook Notice No. 86. The Handbook Notice describes the changes to the Handbook and other material made by the FCA Board and the Financial Ombudsman Service Board under their legislative and other statutory powers on 25 March 2021 and 22 March 2021 respectively. On these dates the following … Continue Reading
On 26 March 2021, the PRA published Policy Statement 5/21: Financial Services Compensation Scheme – Management Expenses Levy Limit 2021/2022 (PS5/21). In PS5/21 the PRA provides feedback to responses to Consultation Paper 4/21: Financial Services Compensation Scheme – Management Expenses Levy Limit 2021/22. It also contains the final rules for the Financial Services Compensation Scheme … Continue Reading
On 17 March 2021, the PRA published Policy Statement 3/21: PRA fees and levies: Holding company regulatory transaction fees (PS3/21). PS3/21 follows Consultation Paper 21/20 (CP21/20) where the PRA proposed to make a regulatory transaction fee of £2,500 payable in respect of an application for approval or exemption as a holding company made under section … Continue Reading
On 26 February 2021, the FCA published Handbook Notice 85. The Handbook Notice describes the following instruments that the FCA Board approved on 25 February 2021: Consumer Credit (Debt Respite Moratorium) Instrument 2021. Handbook Administration (No 55) Instrument 2021. Supervision Manual (Reporting No 15) Instrument 2021.… Continue Reading
On 5 February 2021, the FCA published its latest Policy Development update which covers recent FCA publications and upcoming publications. Further information on upcoming developments from the UK regulatory authorities can be found in the regulatory initiatives grid.… Continue Reading
On 15 January 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) announced that it had updated its requirements’ document for Registered Reporting Mechanisms (RRMs) and will resume their registration. ACER’s announcement follows the adoption and entry into application of the European Commission’s Decision on fees due to ACER for collecting, handling, processing … Continue Reading
On 6 January 2021, the European Securities and Markets Authority (ESMA) published its first set of Financial Instruments Reference Data System (FIRDS) files following the end of the Brexit transition period. ESMA states that the FIRDS delta files contain information about: Termination of all UK financial instruments: (ISIN, MIC) records for MICs in the UK … Continue Reading
On 4 January 2021, Ofgem issued a direction stating that under Article 9(1A) of the onshored Regulation on wholesale energy market integrity and transparency (REMIT), as amended, until further notice, the obligation to register with it does not apply to wholesale energy market participants that are already registered with the Northern Ireland Authority or with … Continue Reading
