Tag: Brexit

Treasury Committee publishes correspondence on proposed intervention power

On 24 November 2022, the House of Commons’ Treasury Committee published correspondence confirming the Government will not proceed with the proposed intervention power in the Financial Services and Markets Bill. The proposed power would have enabled the Government to make, amend or revoke regulators’ rules. The Government adds that it will keep the matter under … Continue Reading

The Financial Services (Miscellaneous Amendments) Regulations 2022

On 22 November 2022, HM Treasury published the Financial Services (Miscellaneous Amendments) Regulations 2022. The Regulations contains a range of measures to address deficiencies in retained European Union (EU) law. Among other things the Regulations provide that: HM Treasury can use its power under article 5(4) of the Short Selling Regulation in relation to Gibraltar … Continue Reading

Financial Services and Markets Bill – latest on the Public Interest Intervention Power

On 4 November 2022, HM Treasury published the Financial Services and Markets Bill, as amended in Public Bill Committee. In a letter to the Interim Chair of the Treasury Select Committee, the Economic Secretary to the Treasury, Andrew Griffith MP states that in light of the appointment of the new Prime Minister the Government was … Continue Reading

How regulation can prepare the ground for economic growth: Speech by Sarah Pritchard

On 27 September 2022, Sarah Pritchard, FCA Executive Director, Markets, gave a speech at the City and Finance Global’s ‘The future of the UK Financial Services Regulation’ Summit. In her speech Ms Pritchard addresses how regulation can promote economic growth. Ms Pritchard addresses this endeavour by highlighting the following areas: Growth – The FCA recognises … Continue Reading

FCA updates TPR webpages

On 12 August 2022, the FCA updated the following webpages on the temporary permissions regime (TPR): Considerations for firms leaving the TPR – Under the section, ‘Firms that previously passported into the UK under schedule 3 or schedule 4 to FSMA’, the FCA has added the following text: “All firms in the TPR that we … Continue Reading

Bank of England letter on the Financial Services and Markets Bill

On 11 August 2022, the House of Commons’ Treasury Committee published a letter from the Bank of England (BoE) regarding the Financial Services and Markets Bill. In the letter the BoE welcomes the Future Regulatory Framework measures contained in the Bill, which are intended to establish a strong, responsive and internationally respected approach to financial … Continue Reading

UK Finance blog on what does the Financial Services and Markets Bill mean for UK capital markets

On 3 August 2022, UK Finance published a blog ‘What does the Financial Services and Markets Bill mean for UK capital markets?’ UK Finance has been readily engaged in driving and shaping the market reform agenda. Over the last twelve months UK Finance has worked with members to respond to key initiatives such as the … Continue Reading

FCA updates webpage on rules that apply to firms and fund operators in the TPR

On 14 July 2022, the FCA updated its webpage regarding rules that apply to firms and fund operators in the Temporary Permissions Regime (TPR). The webpage summarises the rules that apply to firms in the TPR and fund operators in the temporary marketing permissions regime (TMPR). The updated text reads: “In the UK the exemption … Continue Reading

Draft SI – The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022

On 5 July 2022, HM Treasury published a draft of The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022. The draft Regulations make various miscellaneous amendments to existing Brexit related Regulations including the: Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (CCP Regulations). The draft Regulations amend Part 6 of the CCP … Continue Reading

Beyond the TPR: navigating landing slots and regulatory expectation

Over the course of the last few weeks, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority have continued to allot landing slots to firms that are currently providing services in the UK under the Temporary Permissions Regime (TPR). These landing slots usually provide a period of 3 months during which time the firm … Continue Reading

Treasury Committee establishes Sub-Committee for scrutiny of financial services regulations

On 23 June 2022, the House of Commons’ Treasury Committee published a report on future parliamentary scrutiny of financial services regulations. The report provides that the Treasury Committee believes that the full impact of Brexit on the flow and volume of regulatory proposals in financial services is yet to be seen. However, the transfer of … Continue Reading

European Affairs Committee report on the UK-EU relationship in financial services

On 23 June 2022, the House of Lords’ European Affairs Committee published a report on the UK-EU relationship in financial services. The  report is based on an inquiry undertaken between February and April 2022. The scope of the inquiry included the impact so far on the UK financial services sector of the UK’s exit from … Continue Reading

Treasury Committee issues new report on the Future of Financial Services Regulation

On 16 June 2022, the House of Commons’ Treasury Committee issued a new report regarding the Future of Financial Services Regulation. Among other things, the report recommends: That there should be a secondary objective for the FCA and the PRA to promote long-term economic growth. When designing the new secondary objective, there should be some … Continue Reading

House of Commons’ European Scrutiny Committee inquiry looks at regulating after Brexit

On 14 June 2022, the House of Commons’ European Scrutiny Committee launched a post-Brexit regulatory divergence inquiry. The inquiry will look into the benefits and challenges to business and the UK economy of diverging from copied EU regulations when the UK left the block, and where the Government should rewrite or repeal these laws. The … Continue Reading

Beyond the temporary permissions regime: is your firm ready?

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

IRSG response to Government’s financial services future regulatory framework

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

UK and Singapore sign new innovative digital trade deal

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

Brexit – Reminder from the French regulator to UK financial institutions on their obligations towards customers residing in France

On 4 January 2021, the French regulator (the Autorité de Contrôle Prudentiel et de Résolution – ACPR) issued a press release reminding UK authorised financial institutions (including those located in Gibraltar) of their obligations towards customers residing in France. As of 1 January 2021, European law is no longer applicable in the United Kingdom (UK). … Continue Reading

Brexit – France clarifies the form and content of the information to be provided by UK insurers to their French insureds and policyholders following Brexit – Update

As mentioned in our previous post published in April 2019, the French Ministry of Economy and Finance passed a decree dated 22 March 2019 (the March 2019 Decree) implementing the provisions of the ordinance n°2019-75 of 6 February 2019, introducing a contingency plan for the financial services sector in connection with the withdrawal of the … Continue Reading
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