Tag: Brexit

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 As of 1 January 2021, European law is no longer applicable in the United Kingdom (UK).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

Update on MoUs

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

Gibraltar – passporting arrangements

On 31 December 2020, the FCA published a new webpage concerning passporting in and out of Gibraltar. The webpage covers how firms can passport between the UK and Gibraltar until 31 December 2021. On 4 January 2021, the PRA also published a new webpage concerning Gibraltar passporting arrangements. Passporting rights will continue for firms operating … Continue Reading

Information about Brexit from EEA regulators

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

UK regulators send ‘Dear CEO’ letter to insurers concerning preparations for the end of the transition period

The two UK financial regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have sent a letter to the chief executives and branch managers of insurance firms in the UK. The letter reminds firms about the end of the transition period in December and the need to be ready for a range … Continue Reading