United Kingdom (and EU regulation)

EBA Guidelines on exemption requirements for ASPSPs

On 4 December 2018, the European Banking Authority (EBA) published final guidelines that specify the conditions, set out in Article 33(6) of Commission Delegated Regulation (EU) 2018/389, to exempt account payment service providers (ASPSPs) that have opted for a dedicated interface from the obligation to set up the contingency mechanism described in Article 33(4) of … Continue Reading

Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

On 4 December 2018, there was published on the legislation.gov.uk website The Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum. Our earlier blog explains the purpose of the statutory instrument.… Continue Reading

ESMA reports on annual market share of CRAs

On 3 December 2018, the European Securities and Markets Authority (ESMA) has published its annual market share calculation for EU registered credit rating agencies (CRAs). The purpose of the report is to provide guidance on Article 8d of the Regulation on CRAs which provides that issuers or related third parties are required to consider appointing … Continue Reading

ESMA updates Q&As on EMIR implementation

On 3 December 2018, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the European Market Infrastructure Regulation (EMIR). ESMA has modified the answer to question 9 of its CCP questions section, which covers margin requirements under Article 41 of EMIR.… Continue Reading

Cyber-resilience: range of practices

On 4 December 2018, the Basel Committee on Banking Supervision (Basel Committee) published a report which identifies, describes and compares the range of observed bank, regulatory and supervisory cyber-resilience practices across jurisdictions. For the purpose of the report, the Basel Committee uses the Financial Stability Board’s Cyber Lexicon definition of cyber-resilience, which defines it as … Continue Reading

German government makes preparations to pave the way for a transitional regime for the run-off of the German business of UK insurers and reinsurers in the case of a hard Brexit

The date on which the United Kingdom (UK) will leave the European Union (EU) is coming closer. Unless the Withdrawal Agreement is ratified by both the UK and the EU, the UK will become a “third country” under EU legislation on 30 March 2019 (Brexit date). Consequently, in the absence of a ratified Withdrawal Agreement … Continue Reading

The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2018

On 30 November 2018, HM Treasury published a draft of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum. The draft statutory instrument is principally made under section 8 of the EU (Withdrawal) Act and is one of a number of statutory instruments that … Continue Reading

European Council agrees compromise position on supervision of third country CCPs

On 3 December 2018, the European Council published a press release announcing that EU Member States had reached a compromise position on the proposed amendments to the European Market Infrastructure Regulation (EMIR) on how EU and third country central counterparties (CCPs) should be supervised, taking particular account of the effects of Brexit on the European … Continue Reading

ECB cyber resilience oversight expectations for FMIs

On 3 December 2018, the European Central Bank (ECB) published its cyber resilience oversight expectations for financial market infrastructures (FMIs) (the Expectations). In June 2016, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published Guidance on cyber resilience for financial market infrastructures (Guidance). The Expectations provides FMIs … Continue Reading

Council of EU invited to endorse banking package trilogues

On 3 December 2018, the Council of the EU published a note (the Note) from its Permanent Representatives Committee (COREPER) regarding the ‘Banking Package’ comprising of legislative amendments to the Capital Requirements Regulation, Capital Requirements Directive IV, the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation. The Note states that the Austrian … Continue Reading

FMLC report on uncertainties arising from draft Brexit statutory instruments on funds

On 30 November 2018, the Financial Markets Law Committee (FMLC) published a report (the Report) on the onshoring of EU legislation with regards investment funds and investment fund managers. Specifically, the Report considers legal uncertainties arising from the changes proposed by the Draft Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018, and the Draft … Continue Reading

Draft Credit Rating Agencies (Amendments etc) (EU Exit) Regulations 2018

On 30 November 2018, HM Treasury published a draft version of The Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations 2019, together with updated explanatory information. The draft Regulations bring into UK law (as retained UK law) the Credit Rating Agencies Regulation, allowing it to function effectively following the UK’s withdrawal from the EU. The … Continue Reading

Dutch Brexit Act submitted to Parliament

On 16 November 2018, the Dutch Minister of Justice and Security (Minister van Justitie en Veiligheid, the Minister) submitted a legislative proposal to the Dutch Parliament proposing changes to a number of laws and regulations in the Netherlands in preparation for Brexit (the Dutch Brexit Act). The explanatory notes to the Dutch Brexit Act provide … Continue Reading

Draft Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018

On 29 November 2018, a draft version of the Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018, together with an explanatory memorandum, was published on legislation.gov.uk. The draft statutory instrument makes amendments to retained EU law related to anti-money laundering to ensure that it continues to operate effectively in a UK … Continue Reading

HM Treasury responds to consultation on Banks and Building Societies (Priorities on Insolvency) Order 2018

On 29 November 2018, HM Treasury published its response to its earlier consultation on the then draft The Banks and Building Societies (Priorities on Insolvency) Order 2018. Among other things HM Treasury responds to a comment regarding the status of unpaid dividends in the revised creditor hierarchy. HM Treasury states that section 74 of the … Continue Reading

Draft Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018

On 29 November 2018, a draft version of the Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018, together with an explanatory memorandum, was published on legislation.gov.uk. The purpose of the draft statutory instrument is to address deficiencies in domestic and retained EU law and ensure that the regulatory framework under the AIFMD continues to … Continue Reading

FCA EU Withdrawal Impact Assessment

On 29 November 2018, the FCA published an EU Withdrawal Impact Assessment (the Assessment). The Assessment has been published following a House of Commons’ Treasury Committee request that the FCA assess the impact of the UK’s exit from the EU across three areas: the UK leaves the EU without an agreement either on 29 March … Continue Reading

Commission Delegated Regulation with regard to RTS on development, operation and maintenance of the electronic register

On 30 November 2018, the European Commission published a Delegated Regulation supplementing the PSD2 with regard to RTS setting out technical requirements on development, operation and maintenance of the electronic central register within the field of payment services and on access to the information contained therein. The Commission is empowered to adopt such a Delegated … Continue Reading

Basel Committee meeting discusses the challenges ahead

On 29 November 2018, the Basel Committee on Banking Supervision (Basel Committee) issued a press release following its meeting on 26 – 27 November 2018. At this meeting the Basel Committee: agreed to a set of targeted revisions to the market risk framework which will enhance the risk sensitivity of the standardised approach, revise the … Continue Reading

EBA provides overview of Member State competent authorities implementation and transposition of the CRD IV

On 30 November 2018, the European Banking Authority EBA published an updated overview of Member States implementation and transposition of the CRD IV and CRR. It also provides a detailed picture of the use of options and national discretions by each Member State competent authority as well as information on the general criteria and methodologies … Continue Reading

FCA – EU Withdrawal Impact Assessment

On 29 November 2018, the FCA published an EU Withdrawal Impact Assessment (the Assessment). The Assessment has been published following a Treasury Select Committee request that the FCA assess the impact of the UK’s exit from the EU across three areas: the UK leaves the EU without an agreement either on 29 March 2019 or … Continue Reading

DexEU long-term economic analysis on Brexit

On 28 November 2018, the Department for Exiting the European Union (DexEU) published a command paper on the long-term economic analysis of the UK’s withdrawal from the EU (the Paper), together with a number of supporting documents. The analysis compares potential future policy scenarios against today’s arrangements, holding all other factors constant – only considering … Continue Reading

Financial Services (Implementation of Legislation) Bill – policy note

On 28 November 2018, HM Treasury published a policy note on The Financial Services (Implementation of Legislation) Bill (the Bill). HM Treasury is currently working on an ‘onshoring project’, which will see around 60 statutory instruments (SIs) made under the European Union (Withdrawal) Act 2018 (EUWA) to ensure a functioning financial services regime at the … Continue Reading

Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018

On 28 November 2018, there was published on legsislation.gov.uk The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (the Order), together with an explanatory memorandum. The Order supplements the Financial Guidance and Claims Act 2018, and transfers the regulation of claims management activities from the Claims Management Regulation Unit in the Ministry … Continue Reading
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