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 PRA has published its final policy on the requirements for non-systemic UK banks and building societies to prepare for a solvent exit. The new rules require all firms in scope to prepare for an orderly solvent exit as...more
In our annual financial services Horizon Scanning webinar, our regulatory team provided an overview of upcoming and expected changes for UK firms.
Partners from our UK team considered regulatory updates on the horizon for...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 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
This paper discusses the way forward for the UK as it moves out of the legislative orbit of the EU and commences the wider regulatory reform programme proposed by the UK government.
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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
The Financial Services and Markets Bill establishes a new framework for the Bank of England’s regulation of Financial Market Infrastructure (FMI) and in particular central counterparties (CCPs) and central securities...more
The Financial Services and Markets Bill creates a Designated Activities Regime that will impact both authorised and unregulated firms. The Designated Activities Regime is intended to maintain the purview of the Financial...more
This briefing is one in a series on the Financial Services and Markets Bill (FSMB). In this briefing we discuss the revocation of onshored EU law contained in the FSMB, focusing on some questions of relevance to firms.
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On 20 July 2022, just before the UK Parliament’s summer recess, the long awaited Financial Services and Markets Bill (FSM Bill) was introduced to Parliament....more
Operational resilience is a priority for the regulators of financial services in the UK. It is prominent in both the Prudential Regulation Authority’s (PRA) and the Financial Conduct Authority’s (FCA) business plans....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
As part of the proposed Banking Package (CRDVI), the European Commission has proposed a harmonised EU regulatory framework for third country bank branches.
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Almost a year after the Brexit transition period ended and the UK government is beginning to refine its thinking on how the financial services framework should evolve in a post-Brexit world in order to ensure it is fit for...more
Between Monday 11 and Friday 15 October our UK Financial Services Regulatory team will host a series of foundational training sessions across a variety of UK regulatory topics and themes.
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The PRA has published updates to its policy and a revised supervisory statement on ensuring operational continuity in resolution (PS 9/21 and SS4/21) following its consultation paper in October 2020 (CP 20/20). This bulletin...more
Following a year that saw firms’ operational resilience arrangements put to the test, the FCA, the PRA and the Bank of England published their long-awaited final rules and guidance on operational resilience on 29 March 2021,...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