On 9 February 2023, the European Parliament published a study on recent trends in UK financial sector regulation and possible implications for the EU, including its approach to equivalence. The study summarises and discusses recent trends in financial services legislation and regulation in the UK, divergence between the EU and UK and threats from this … Continue Reading
On 8 December 2022, the European Securities and Markets Authority (ESMA) issued a peer review report on Member State competent authorities’ (NCAs) handling of firms’ relocation to the EU in the context of the UK’s withdrawal from the EU. The report gives further insight into the supervisory approaches adopted by NCAs when authorising relocating firms … Continue Reading
On 9 April 2021, the European Securities and Markets Authority (ESMA) published a summary of conclusions following its meeting of board of supervisors on 23 February 2021. Among other things the summary refers to co-operation with the UK FCA and meeting its CEO Nikhil Rathi. The summary notes that there was an exchange of views … Continue Reading
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
On 26 March 2021, HM Treasury issued a press release stating that technical discussions on the text of the Memorandum of Understanding (MoU), which was agreed in a Joint Declaration on Financial Services Regulatory Cooperation alongside the Trade and Cooperation Agreement, have now been concluded. The statement adds that formal steps need to be undertaken … Continue Reading
On 24 December 2020, we posted an update on the EU27 temporary transitional measures. Since posting this update, we understand that there have been further developments in several EU27 Member States as to the temporary transitional measures that are available, and we have updated our summary table to reflect these developments. The summary table reflects … Continue Reading
On 4 January 2021, the FCA issued a new webpage concerning the memoranda of understanding (MoUs) that it had entered into with European authorities and which became effective at the end of the transition period. The MoUs include: A multilateral MoU with EU and EEA national competent authorities covering supervisory cooperation, enforcement and information exchange. … Continue Reading
Germany: As previously reported the German regulator (BaFin) has published its reaction to the EU-UK Trade and Cooperation Agreement (TCA). The German regulator states that the provisions of the TCA will apply to financial services only to a limited extent and repeats that the UK service providers will no longer be able to use the European passports … Continue Reading
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 1200 pages long, the … Continue Reading
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 … Continue Reading
On 21 December 2020, the EU Agency for the Cooperation of Energy Regulators updated its open letter of 8 January 2019 regarding data reporting under Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency (REMIT) following the end of the transition period. The purpose of the open letter is to give guidance to … Continue Reading
On 16 December 2020, the European Securities and Markets Authority (ESMA) issued a reminder of the operations planned on its databases and systems at the end of the transition period. In particular ESMA reminds users that: ESMA will continue receiving files but will not produce feedback files during the maintenance window for its Financial Instruments … Continue Reading
On 11 December 2020, the European Securities and Markets Authority (ESMA) issued a press release announcing that Euroclear UK & Ireland Limited (EUI), the central securities depository (CSD) established in the United Kingdom (UK), will be recognised as a third-country CSD (TC-CSD) after the end of the UK’s transition from the European Union (EU) on … Continue Reading
On 7 December 2020, the European Supervisory Authorities (ESAs) issued a statement concerning the change in status of simple, transparent and standardised (STS) securitisation transactions at the end of the transition period. The statement provides: For a securitisation transaction to qualify as an STS securitisation, the Securitisation Regulation requires that the originator, sponsor and the … Continue Reading
The end of the transition period is fast approaching and many firms are looking to understand how the financial services regime will operate from the 1st of January 2021 onwards. If you are looking for a greater insight into how financial services legislation will look from next year – Norton Rose Fulbright’s Brexit Pathfinder Plus … Continue Reading
On 1 December 2020, the FCA published a new webpage reminding firms to be ready for the end of the transition period in 1 months’ time. The webpage contains links to other FCA webpages detailing the temporary transitional power, the temporary permissions regime and the key requirements that firms need to comply with by 1 … Continue Reading
On 26 November 2020, there was published in the Official Journal of the EU, Commission Implementing Decision (EU) 2020/1766 of 25 November 2020 determining, for a limited period of time, that the regulatory framework applicable to central securities depositories of the United Kingdom of Great Britain and Northern Ireland is equivalent in accordance with Regulation … Continue Reading
On 25 November 2020, the European Securities and Markets Authority (ESMA) made a public statement setting out its view on the application of the EU trading obligation for derivatives (DTO) following the end of the Brexit transition period. Article 28 of MiFIR requires investment firms to conclude transactions in some derivatives on regulated markets (RMs), … Continue Reading
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 … Continue Reading
On 6 November 2020, the FCA published a new web page providing links to dedicated Brexit websites hosted by financial regulators in certain EEA member states that it has been made aware of. The FCA sets out a table containing links to Brexit related websites for Member State national competent authorities in: Austria Belgium Bulgaria … Continue Reading
On 26 October 2020, the European Securities and Markets Authority (ESMA) issued a statement clarifying the application of the EU’s share trading obligation (STO) following the end of the transition period. The statement confirms that the trading of shares with a European Economic Area (EEA) ISIN on a UK trading venue will be in scope … Continue Reading
With every day that passes without apparent progress towards an agreement on financial services or equivalence, the more firms we see putting in place arrangements to enable them to continue business across Europe. On 22 October members of our financial services and regulation team in London, Paris, Frankfurt, Amsterdam and Milan will be hosting a … Continue Reading
On 21 July 2020, the ISDA published version 8 of its Brexit FAQs. The following FAQs have been updated to the position as at 30 June 2020 and therefore do not reflect any developments after that date: Q16 – After IP completion day, what is the ability of financial services firms established in the UK … Continue Reading
On 9 July 2020, the European Central Bank (ECB) issued a blog stating that banks must prepare for the end of the transition period. At the start of the blog the ECB warns banks that the relief measures that have been put in place to support the economy during the COVID-19 pandemic do not extend … Continue Reading
