Following Brexit, European firms that were previously providing services in the UK (either through a UK branch or on a cross-border basis) in reliance upon passporting rights, are able to continue to do so under the UK’s temporary permissions regime (TPR) until they are assigned a “landing slot” by the PRA / FCA to apply … Continue Reading
On 1 April 2022, the International Regulatory Strategy Group (IRSG) issued its response to the final phase of the Government’s consultation on the UK’s future regulatory framework. The IRSG response to this phase of the consultation builds on points from that report and a follow-up report produced in 2020. In addition to responding to the … Continue Reading
On 24 March 2022, the UK Government announced that it was starting negotiations on a new Free Trade Agreement (FTA) with Canada. The UK Government states that the new FTA will build on the benefits of the UK-Canada Trade Continuity Agreement and will go further in areas such as innovation, digital, data and the environment.… Continue Reading
On 25 February 2022, the UK government announced that it was entering into a digital trade deal with Singapore. Among other things the announcement mentions that the deal strengthens the UK and Singapore’s relationship for financial services by ensuring data can flow freely without unjustified barriers and enhanced cooperation for innovative financial services. In addition … Continue Reading
On 28 February 2022, the UK Government announced that it had signed a comprehensive trade deal with New Zealand. The UK-New Zealand trade relationship was worth £2.3 billion in 2020 and is now expected to increase by almost 60%.… Continue Reading
On 15 February 2022, the International Regulatory Strategy Group (IRSG) issued a narrative containing its observations on the European Commission’s proposed new harmonised rules for third country providers of banking services carrying out cross-border business into the EU or via EU branches (CRD 6). In summary, the IRSG believes that the proposals represent a major … Continue Reading
On 4 February 2022, the House of Lords’ European Affairs Committee launched a new inquiry into the UK-EU relationship in financial services. The Committee expects to report by May 2022. The key issues the Committee is seeking to address in its inquiry include the: Impact so far on the UK financial services sector of the … Continue Reading
On 31 January 2022, the House of Commons’ European Scrutiny Committee published a call for evidence into the future of retained EU law in the UK’s statute books. The Committee has launched this inquiry to look at the following issues: In what ways is retained EU law a distinct category of domestic law? To what … Continue Reading
The 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
When passporting rights ended on 31 December 2020, European firms conducting regulated activities in the UK had to either stop doing business in the UK; or apply to remain under the ‘Temporary Permissions Regime’ (TPR). The TPR is in place to allow European firms to go through an orderly transition after Brexit, and continue their … Continue Reading
On 18 January 2022, the FCA issued a new webpage regarding the temporary permissions regime (TPR) and the action that the regulator may take in the following scenarios: FSMA firms that miss their landing slot. Firms that fail to respond to mandatory information requests. Firms that do not intend to apply for full authorisation. Firms … Continue Reading
On 17 January 2022, HM Treasury (HMT) issued a consultation on central counterparties (CCPs) and central securities depositories (CSDs) as part of its Future Regulatory Framework Review (FRFR). Specifically, the consultation follows the commitment in paragraphs 17 and 7.35 of the FRFR consultation that HMT issued in November 2021 where it was stated that in … Continue Reading
On 13 January 2022, the Indian Minister for Commerce and Industry, Piyush Goyal and UK Secretary of State for International Trade, Anne-Marie Trevelyan published a joint statement stating that the Republic of India and UK have formally launched negotiations for a Free Trade Agreement between the two countries. Both sides have agreed to double bilateral … Continue Reading
Following Brexit, European firms that were previously providing services in the UK (either through a UK branch or on a cross-border basis) in reliance upon passporting rights, are able to continue to do so under the UK’s temporary permissions regime (TPR) for a period of time. The TPR will expire on 31 December 2023, unless … 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 11 November 2021, there was published on the legislation.gov.uk website the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2021.These Regulations extend by 12 months the transitional arrangements under Parts 2 and 3 of the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019, which enable specified categories of Gibraltar-based firms to provide financial services in … Continue Reading
On 9 November 2021, HM Treasury published its response to the feedback received to its earlier consultation on the launch of the second phase of the Future Regulatory Framework (FRF) Review, which considers how the regulatory framework for financial services needs to adapt to be fit for the future. The response makes a series of … Continue Reading
On 20 September 2021, the Treasury Committee published the Government’s response to its report on the Future Regulatory Framework of Financial Services. Key points in the response include: The Government will bring forward detailed proposals in a second consultation in the autumn. Therefore the response does not go into detail as regards the Government’s views … Continue Reading
On 7 September 2021, TheCityUK published a new international strategy that seeks to return the UK to being the world’s leading international financial centre within five years. The international strategy – ‘Making the UK the leading global financial centre’ – sets out a plan for future success, with a focus on bolstering competitiveness and attractiveness. … Continue Reading
On 7 September 2021, HM Treasury published a draft of The Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021. The purpose of the draft statutory instrument is to address deficiencies in the onshored version of MiFIR in relation to the non-discriminatory access regime for exchange-traded derivatives (ETDs), which requires trading … Continue Reading
On 16 July 2021, the UK announced that it had entered into a Free Trade Agreement with Norway, Iceland and Liechtenstein. Sub-section 3.5.3 of the Free Trade Agreement covers financial services. Alongside the Free Trade Agreement the following joint declarations have also been entered into: UK-Norway, Iceland, and Liechtenstein FTA: joint declaration on financial services … Continue Reading
On 8 July 2021, the International Regulatory Strategy Group (IRSG) published a report that considers some of the options and competitiveness levers that the UK could use to remove perceived barriers to overseas firms and make its approach to market access clearer and more coherent. The report builds on the IRSG’s interim report on the … Continue Reading
On 6 July 2021, the House of Commons’ Treasury Committee published a report on The Future Framework for Regulation of Financial Services. Among other things the Committee: Agrees with HM Treasury that the EU financial services rules that were on-shored during Brexit should be moved into the UK regulator’s rulebooks. Does not believe that there … Continue Reading
As part of the UK Government’s review of Solvency II, a ‘Call for Evidence’ was published in October 2020. The Call for Evidence closed in February 2021. The insurance industry has been waiting for the results of the feedback to the Call for Evidence which was finally published on 1 July 2021. The Call for … Continue Reading
