On 1 July 2020, the FCA updated its web page on the temporary permissions regime (TPR) for inbound passporting EEA firms and funds. The update provides that the TPR will now take effect at the end of the transition period and that the FCA will re-open the notification window on 30 September 2020. This will … Continue Reading
On 26 June 2020, there was published on legislation.gov.uk The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2020 (the SI) together with an explanatory memorandum and impact assessment. Part 2 of the SI makes changes to primary legislation – the Financial Services and Markets Act … Continue Reading
On 25 June 2020, HM Treasury published a draft of The Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 together with a draft explanatory memorandum. The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (Equivalence Regulations 2019) would have enabled HM Treasury and the UK regulators … Continue Reading
On 23 June 2020, HM Treasury published a policy statement providing detail on its legislative approach for prudential standards in the Financial Services Bill. The policy statement also provides detail on how the government will tailor the prudential regimes to the specifics of the UK market. At the 11 March Budget, the government published its … Continue Reading
On 23 June 2020, HM Treasury issued a consultation concerning the transposition of the Bank Recovery and Resolution Directive II (BRRD II). The BRRD II makes amendments to the 2014 Bank Recovery and Resolution Directive in order to update the EU’s resolution policy and minimum requirements for own funds and eligible liabilities (MREL) framework. The … Continue Reading
This month the UK and the EU enter a critical phase of negotiations regarding the future relationship between the two sides after Brexit. On May 19, 2020, the UK Government published several documents setting out its proposed texts for the future relationship between the UK and the EU. This included the much anticipated proposed free … Continue Reading
We have updated our popular client briefing note ‘Doing business in the EU’ covering the temporary transitional relief measures EU27 Member States are implementing, if any, for the period after the transition period should the UK/EU not enter into a free trade agreement. For a copy of the updated briefing note please contact Simon Lovegrove.… Continue Reading
On 11 June 2020, the House of Lords EU Financial Affairs Sub-Committee published a letter dated 27 May 2020 from John Glen MP, Economic Secretary to the Treasury, to the Chair of the House of Lords EU Financial Affairs Sub-Committee, regarding the committee’s review of financial services post Brexit. Key points in the letter include: … Continue Reading
On 19 May 2020, the Government published the following draft legal texts to accompany its February 2020 policy paper, The future relationship with the EU. The draft legal texts comprise: UK-EU Comprehensive Free Trade Agreement (chapter 17 deals with financial services). UK-EU CFTA Annexes. Fisheries Framework Agreement. Air Transport Agreement. Civil Aviation Safety Agreement. Annexes … Continue Reading
On 30 April 2020, the Bank of England (BoE) and the PRA issued a joint statement relating to HM Treasury’s intention to ‘shift’ the temporary transitional power (TTP) so it will be available for up to two years after the end of the transition period. The BoE and the PRA intend to use the TTP … Continue Reading
On 30 April 2020, HM Treasury published a web page stating that at the end of the transitional period it would bring forward legislation similar to The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018. Such legislation would help enable trade repositories to register with the FCA or apply in advance to operate … Continue Reading
On 21 April 2020, there was published on legislation.gov.uk a draft of the Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020. The draft Regulations make certain amendments to secondary legislation and revokes parts of retained EU law to address deficiencies arising from Brexit. It also makes miscellaneous amendments to financial services statutory instruments made under … Continue Reading
On 25 March 2020, there appeared on the www.parliament.uk website a written statement from John Glen MP (Economic Secretary to the Treasury) in which he confirms that HM Treasury will retain the regulators’ “Temporary Transitional Power” (TTP), which was introduced via the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, and shift … Continue Reading
On 2 March 2020, we reported that HM Treasury had published a letter it had sent to Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union concerning the UK’s preparations for assessments of financial services equivalence. In that letter the UK Government confirmed that it was committed to meeting the end … Continue Reading
On 11 March 2020, HM Treasury published a Policy Statement confirming the Government’s intention to implement the internationally agreed Basel III banking standards in the UK. The statement also announces the Government will take powers to enable the implementation of updated prudential rules for UK banks and investment firms. Public consultations will be launched on … Continue Reading
On 11 March 2020, HM Treasury published a consultation paper setting out proposals to introduce new market access arrangements for financial services between the UK and Gibraltar. Gibraltar was not a Member State of the EU in its own right. In EU law, Gibraltar was classified as a European territory for whose external relations a … Continue Reading
On 10 March 2020, the Bank of England published a speech given by Vicky Saporta (Executive Director, Prudential Policy) entitled The ideal post-Brexit UK regulatory framework. In this speech Vicky Saporta looks at how banks and other financial firms should be regulated now that the UK has left the EU. She sets out a framework … Continue Reading
On 2 March 2020, HM Treasury published a letter (dated 27 February 2020) it had sent to Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union concerning the UK’s preparations for assessments of financial services equivalence. Key points in the letter include: the UK is committed to meeting the end of … Continue Reading
On 26 February 2020, the European Commission published a speech by Michel Barnier entitled Cooperation in the age of Brexit. In terms of financial services Mr Barnier states: as of 1 January 2021, UK firms will lose the benefit of the financial services passport. No firm outside the Single Market has such a passport; equivalence … Continue Reading
On 27 February 2020, the UK Government published a document setting out its approach to the future relationship with the EU. The approach lays out a suite of proposals with the main element being a comprehensive Free Trade Agreement covering substantially all trade. The UK Government is seeking the type of agreement that the EU … Continue Reading
On 25 February 2020, the Council of the European Union adopted a decision authorising the opening of negotiations for a new partnership with the UK, and formally nominating the European Commission as the EU’s negotiator. The Council also adopted negotiating directives which constitute a mandate to the Commission for the negotiations. The Council decision and … Continue Reading
On 24 February 2020, HM Treasury published the draft text of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020. The purpose of the draft statutory instrument is to ensure that the requirements imposed by EMIR 2.2 continue to apply in the UK after the … Continue Reading
On 12 February 2020, the European Parliament (EP) published the text of a resolution concerning the proposed mandate for negotiations for the EU’s new partnership with the UK. The resolution notes that whilst the EP is supportive of the EU constructively negotiating a balanced, ambitious and comprehensive free trade agreement with the UK, by its … Continue Reading
On 5 February 2020, there was published on the legislation.gov.uk website, the Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020 (the Regulations), together with an explanatory memorandum. The Regulations are being made under section 2(2) of the European Communities Act 1972, which was repealed by the European … Continue Reading
