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
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
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
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 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
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
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
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
On 31 December 2020, the FCA published a new webpage reminding firms that as of 11pm on 31 December 2020 passporting between the UK and EEA States had ended and the temporary permissions regime had come into effect for those firms and funds that notified the regulator that they wanted to enter the regime. While … Continue Reading
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
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
In June 2020, the UK Government announced that it would review some of the features of Solvency II to ensure that the regime better reflects the UK insurance sector. The present regime, as implemented into UK law, has been designed to cover the entire EU insurance market but has not been adjusted to take into … Continue Reading
