The U.K. Short Selling Regulations 2025 (“SSR 2025”) have been made. This paves the way for the U.K. to repeal and replace the regime implemented while the U.K. was in the European Union and then onshored into U.K. domestic...more
New EU legislative requirements will reshape how non-EU (including European Economic Area) banks service EU clients on a cross-border basis. In this note we summarise the new regime, its implications for firms providing...more
The EU is harmonising the rules on the prudential supervision of EU branches of non-EU banks under CRD VI. The new EU-wide third country branch regime will introduce minimum requirements including capital and liquidity...more
1/26/2024
/ Banking Sector ,
Capital Markets ,
Capital Requirements ,
Capital Requirements Regulation (CRR) ,
Cross-Border ,
EU ,
European Banking Authority (EBA) ,
Governance Standards ,
Grandfathering Rules ,
Intergovernmental Agreements ,
Liquidity ,
NCAs ,
Outsourcing ,
Recordkeeping Requirements ,
Reporting Requirements ,
Third Country Entities (TCEs)
Final provisions on cross-border banking services in the EU published -
CRD VI will bring in uniform minimum prudential requirements for third country branches providing banking services in the EU and, more importantly,...more
1/26/2024
/ Banking Sector ,
Basel III ,
Capital Requirements Regulation (CRR) ,
Credit Institutions ,
Cross-Border ,
EU ,
European Commission ,
Final Rules ,
Grandfathering Rules ,
Investment ,
Jurisdiction ,
Liquidity ,
Luxembourg ,
MiFID ,
New Rules ,
Prudential Standards ,
Reverse Solicitation
The Financial Conduct Authority’s (FCA) new package of sustainability disclosure requirements (SDR) and investment labelling rules is a key pillar of the UK government’s efforts to introduce an economy-wide SDR regime. All...more
12/20/2023
/ Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Greenwashing ,
Reporting Requirements ,
Sustainability ,
Sustainable Business Practices ,
UK
Until now, however, no comprehensive estimate existed of the of that opportunity, (or, to put it another way, the size of the financing gap between committed spending and the investment needed to deliver Net Zero by 2050...more
9/25/2023
/ Carbon Emissions ,
Climate Action Plan ,
Climate Change ,
Energy Policy ,
Energy Sector ,
Environmental Policies ,
EU ,
Greenhouse Gas Emissions ,
Infrastructure ,
Investment ,
Investment Management ,
Investors ,
Net Zero ,
Paris Agreement ,
Private Investment Funds ,
Renewable Energy ,
Supply Chain ,
Sustainability ,
Sustainable Finance ,
UK
The Digital Euro project is the European Central Bank’s (ECB) response to the changing landscape of consumer payments, driven by the rise of cryptocurrency, payment fintechs and electronic transactions. A Digital Euro would...more
8/7/2023
/ Central Bank Digital Currency (CBDCs) ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Digital Markets Strategy ,
EU ,
European Central Bank ,
Financial Institutions ,
Financial Regulatory Reform ,
Popular ,
Regulatory Agenda
The CRDVI proposals appear to have taken something of a back seat for firms following the Council’s compromise text. Following the Commission proposal (the Proposal - discussed here) and the Council compromise text (the...more
The European Commission has finalised its proposed ESG-related changes to MiFID II. These are intended to fit together with SFDR, and are part of a suite of ESG related changes being made via amends to AIFMD, the UCITS...more
On 22 September, just two months after the Financial Services and Markets Bill (FSM Bill) was introduced to Parliament, the government introduced the Retained EU Law (Revocation and Reform) Bill (the Brexit Freedoms Bill). ...more
2022 looks set to be another year dominated by regulatory reform for financial services firms. This document considers a number of key wholesale market developments including the latest on the MiFID Review and other financial...more
The European Commission has finalised its proposed ESG-related changes to MiFID II. These are intended to fit together with SFDR, and are part of a suite of ESG related changes being made via amends to AIFMD, the UCITS...more
As part of the proposed Banking Package (CRDVI), the European Commission has proposed a harmonised EU regulatory framework for third country bank branches.
...more
A high-level timeline summarising key dates and expected publications for the EU and UK MiFID Review.
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On 16 December 2020, the Council of the European Union published final compromise proposals for a package of measures dubbed the “Capital Markets Recovery Package”, these were adopted by the European Parliament’s Committee on...more
Following months of protracted negotiations and coming four and a half years after the UK voted to leave the EU, 24 December 2020 saw the EU and UK finally agree the shape of their future relationship. While the Trade and...more
On 22 October 2020, the European Commission launched a public consultation on the review of the Alternative Investment Fund Managers Directive (the AIFMD Review). The public consultation follows the European Commission’s...more
Following the Conservative Party’s victory in the UK’s general election in December 2019, the priority for both the UK and the EU27 in relation to Brexit was the approval, ratification and implementation of the deal agreed at...more
Following the Conservative Party’s victory in the UK’s general election in December 2019, the immediate priority for both the UK and the EU27 in relation to Brexit is now the approval, ratification and implementation of the...more
On 29 October 2019, politicians once again kicked the possibility of a cliff edge Brexit into the grass but with UK politics still deeply divided and a general election on the horizon, it is unlikely that clarity on the...more
We look at the architecture of the new European regulatory framework and some of the key areas relevant to the corporate structure of UK and other European financial institutions....more
On 11 April 2019, politicians kicked the possibility of a cliff edge Brexit into the (relatively) long grass but with UK politics still deeply divided, a leadership contest for the next prime minister underway and the Irish...more
The PRA’s policy relating to the implementation of the Securitisation Regulation is relevant to PRA-authorised firms subject to the CRR and Capital Requirements Directive IV (together CRR firms) and PRA-authorised Solvency II...more
The Brexit engines at HM Treasury, the FCA, PRA and Bank of England are responding admirably to the challenge posed by Brexit to ensure that the UK has a continuing, robust and effective legal regime once the currently...more
On 9 November 2015, the Financial Stability Board (FSB) issued its Principles establishing a new international standard for “total loss absorbing capacity” (TLAC) for global systemically important banks (G-SIBs). According to...more