Consumer credit forms: FCA statement on post-Brexit changes - The UK Financial Conduct Authority (FCA) has published a statement and accompanying webpage relating to changes certain consumer credit firms will have to make to...more
CMA 2021/22 annual plan -
The Competition and Markets Authority (CMA) has published its annual plan for 2021/22. In 2021/22, the CMA will focus on the following themes...more
3/30/2021
/ EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
International Trade ,
Libor ,
Regulatory Agenda ,
Trade Policy ,
UK ,
UK Brexit ,
UK Competition and Markets Authority (CMA) ,
Whistleblowers
Depositor protection identity verification: PRA PS4/21 -
Following its consultation in CP3/21, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS4/21, on depositor protection identity...more
3/29/2021
/ Bank Recovery and Resolution Directive (BRRD) ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
Financial Instruments ,
Financial Services Industry ,
Inter-Bank Offered Rates (IBORs) ,
Libor ,
MREL ,
Payment Services Directive ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Stress Tests ,
UK ,
UK Brexit
Brexit and Debt Capital Markets transactions: some practical perspectives -Following the end of the Brexit transition period, debt capital markets participants may now need to consider both EU rules and the parallel UK rules...more
3/8/2021
/ Capital Markets ,
Crowdfunding ,
Debt Market ,
European Securities and Markets Authority (ESMA) ,
IOSCO ,
MiFID ,
MiFIR ,
Regulatory Agenda ,
Securities Regulation ,
Securitization ,
UK ,
UK Brexit
UK FinTech: Kalifa Review final report -
HM Treasury has published the final report on the review of the UK FinTech sector by Ron Kalifa OBE (the Kalifa Review). The Kalifa Review formally launched in July 2020 with...more
3/1/2021
/ Bank of England ,
Data Collection ,
Equality and Human Rights Commission (EHRC) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
General Data Protection Regulation (GDPR) ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
SFDR ,
UK ,
UK Brexit ,
Vulnerable Victims
Resolvability Assessment Framework: BoE Dear CEO letter The Bank of England (BoE) has published a letter sent by Dave Ramsden, BoE Deputy Governor for Markets and Banking, to the CEOs of the eight UK banks in the scope of the...more
3/1/2021
/ Bank of England ,
Capital Requirements Regulation (CRR) ,
CDD ,
Crowdfunding ,
Dear CEO Letter ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
RTS ,
UK ,
UK Brexit
Brexit: Draft Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 - A draft version of the Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 has been...more
2/15/2021
/ Coronavirus/COVID-19 ,
EMIR ,
EU ,
European Benchmark Regulation (BMR) ,
Financial Markets ,
Infectious Diseases ,
Regulatory Agenda ,
Securities Regulation ,
SFTR ,
Trade Repositories ,
UK ,
UK Brexit
Insurer capital requirements: PRA speech - The UK Prudential Regulation Authority (PRA) has published a speech by Anna Sweeney, PRA Executive Director, Insurance, titled "Goldilocks and the three pillars: how much capital is...more
EMIR: European Commission consults on draft Implementing Decisions on equivalence - The European Commission has published for consultation the following draft Implementing Decisions on equivalence made under Article 13(2) of...more
Financial Services Bill 2019-21 - Having completed its progress through the House of Commons, on 14 January 2021, the Financial Services Bill 2019-21 had its first reading in the House of Lords. A revised version of the Bill,...more
UK-EU trade and cooperation agreement After extensive negotiations, and within a week of the Brexit transition period ending on 31 - December 2020, the UK and the EU finally announced on 24 December 2020 that they had agreed...more
1/18/2021
/ Cloud Computing ,
Coronavirus/COVID-19 ,
Cryptoassets ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Gibraltar ,
Infectious Diseases ,
Libor ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
SMCR ,
UK ,
UK Brexit
Solvency II: PRA CP1/21 on deep, liquid and transparent assessments, and GBP transition to SONIA - The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP1/21, on deep, liquid and transparent (DLT)...more
1/18/2021
/ Coronavirus/COVID-19 ,
Cyber Insurance ,
EIOPA ,
Financial Conduct Authority (FCA) ,
IAIS ,
Infectious Diseases ,
Insurance Regulations ,
Regulatory Agenda ,
Solvency II ,
Sterling Overnight Index Average (SONIA) ,
UK ,
UK Brexit
Ring-fencing and proprietary trading activities reviews: HM Treasury update - On 22 December 2020, the House of Commons Treasury Committee published a letter (dated 16 November 2020) it received from John Glen, Economic...more
Financial Institutions Horizons is a snapshot of key legal topics and market trends across the globe, shaping the future of the financial institutions market.
When we conceived the Horizons series in 2018, the financial...more
12/16/2020
/ Biden Administration ,
China ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Financial Institutions ,
FinTech ,
Infectious Diseases ,
Investigations ,
Libor ,
Sustainable Business Practices ,
UK Brexit
European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 -
The European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 (SI 2020/1447) have been published, together with...more
12/15/2020
/ AML/CFT ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Islamic-Compliant ,
MLD4 ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Terrorist Financing Regulations ,
UK ,
UK Brexit ,
Withdrawal Agreement
Post-Brexit transition period: migrating to FCA FIRDS and FITRS -
The UK Financial Conduct Authority (FCA) has published a press release announcing details of the cutover plan for firms migrating to the FCA Financial...more
12/14/2020
/ Capital Markets ,
CSDR ,
EMIR ,
Financial Conduct Authority (FCA) ,
Financial Counterparties (FC) ,
Financial Instruments ,
Foreign Exchanges ,
FSB ,
Trade Repositories ,
UK ,
UK Brexit
UK Future Regulatory Framework Review: consultation deadline extended -
HM Treasury has extended the deadline for responding to its Phase II consultation relating to the Future Regulatory Framework Review by one month to...more
Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 -
The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (SI 2020/1350) have been published, together with an explanatory memorandum....more
12/7/2020
/ Bank Recovery and Resolution Directive (BRRD) ,
Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
CRD V ,
European Banking Authority (EBA) ,
European Central Bank ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Holding Companies ,
Infectious Diseases ,
Moratorium ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Sharia Law ,
UK ,
UK Brexit
Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 -
The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (SI...more
12/7/2020
/ EMIR ,
EU ,
European Benchmark Regulation (BMR) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
FSB ,
MiFIR ,
Over The Counter Derivatives (OTC) ,
Regulatory Agenda ,
Securities Transactions ,
Securitization ,
Sterling Overnight Index Average (SONIA) ,
UK ,
UK Brexit
Recent regulatory developments of interest to insurers and their intermediaries. Among other things, includes UK FCA updates on preparing for the end of the UK-EU transition period.
...more
11/30/2020
/ Consumer Insurance Products ,
Coronavirus/COVID-19 ,
Dear CEO Letter ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Infectious Diseases ,
Life Insurance ,
Lloyds of London ,
Solvency II ,
UK ,
UK Brexit
Recent regulatory developments of interest to financial institutions and markets. Includes updates from the UK FCA, the European Supervisory Authorities and IOSCO, among others. Recent regulatory developments of interest to...more
11/30/2020
/ ACER ,
EMIR ,
EU ,
EURIBOR ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Regulatory Agenda ,
REMIT ,
RTS ,
Securitization ,
SFTR ,
UK ,
UK Brexit
Brexit: UK equivalence decisions for EEA states -
HM Treasury has announced its intention to make equivalence decisions in respect of the EEA across a number of financial services areas. ...more
11/16/2020
/ Coronavirus/COVID-19 ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSB ,
Infectious Diseases ,
Prudential Regulation Authority (PRA) ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
Third-Party Relationships ,
UK ,
UK Brexit
EMIR: ESMA report on post-trade risk reduction services -
The European Securities and Markets Authority (ESMA) has published a report on post-trade risk reduction (PTRR) services under the European Market Infrastructure...more
11/16/2020
/ Capital Markets ,
EMIR ,
EU ,
European Benchmark Regulation (BMR) ,
European Securities and Markets Authority (ESMA) ,
Investor Protection ,
MiFID ,
MiFIR ,
SFTR ,
UK ,
UK Brexit
ISDA 2020 IBOR Fallbacks Protocol -
The International Swaps and Derivatives Association, Inc. (ISDA) has published the ISDA 2020 IBOR Fallbacks Protocol. Our separate client alert, ISDA 2020 IBOR Fallbacks Protocol: What...more
11/10/2020
/ CCPs ,
Coronavirus/COVID-19 ,
CSDR ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Infectious Diseases ,
Inter-Bank Offered Rates (IBORs) ,
Interest Rates ,
ISDA ,
MiFID ,
Securities Regulation ,
SFTR ,
UK ,
UK Brexit
BoE and CFTC MoU for supervision of cross-border clearing organisations -
The Bank of England (BoE) and the US Commodity Futures Trading Commission (CFTC) have signed an updated memorandum of understanding (MoU) regarding...more
10/26/2020
/ Bank of England ,
Central Counterparties ,
CFTC ,
EMIR ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Libor ,
RTS ,
Securities Regulation ,
UK ,
UK Brexit