News & Analysis as of September 22, 2024

UK Brexit

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Labour's Plans for Financial Services Regulation: What We Know

Mayer Brown on 7/10/2024

Labour have won the general election, with a landslide victory of 412 seats. We address the question for financial services firms: what are their regulatory plans for financial services? Although their election manifesto was...more

Retained EU Law and EU Interpretive Principles Revoked from UK Statute Book

A&O Shearman on 1/4/2024

The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (with related Explanatory Memorandum) came into force on January 1, 2024, clarifying that certain changes provided for under the...more

Draft Legislation Published for Implementing UK's Retained EU Law (Revocation and Reform) Act 2023

A&O Shearman on 10/20/2023

The draft Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023, laid before Parliament on October 16, 2023, will implement certain aspects of the Retained EU Law (Revocation and Reform)...more

From Solvency II to Solvency UK: The PRA Provides Further Details of Its Post-Brexit Solvency II Reforms

Skadden, Arps, Slate, Meagher & Flom LLP on 7/19/2023

The EU’s Solvency II regime came into force in the UK on 1 January 2016, following many years of development in which the UK was deeply involved. In June 2020, post-Brexit, the government announced a wide-ranging review of...more

Beginning of the End of EU Law in the UK?

Akin Gump Strauss Hauer & Feld LLP on 7/14/2023

The Financial Services and Markets Act 2023 (“FSMA 2023”) marks a watershed moment in British legislative history. FSMA 2023 introduces sweeping changes to the financial services regulatory infrastructure and will have a...more

UK Government Publishes Brexit Freedoms Bill Setting Deadline for Revocation of EU Law

A&O Shearman on 10/7/2022

The U.K. Government has published the Retained EU Law (Revocation and Reform) Bill, known as the Brexit Freedoms Bill, which aims to repeal or assimilate retained EU law and abolish the principle of the supremacy of EU law in...more

UK Regulators Propose Changes to Margin Requirements for Non-Centrally Cleared Derivatives

A&O Shearman on 9/20/2022

The U.K. Prudential Regulation Authority and Financial Conduct Authority have issued a joint consultation paper on proposals to amend the U.K. Binding Technical Standards on margin requirements for non-centrally cleared...more

EU Grants Further Time-Limited Equivalence for UK CCPs

A&O Shearman on 2/22/2022

An EU Commission Implementing Decision extending the equivalence of U.K. CCPs to June 2025 has been published in the Official Journal of the European Union. The equivalence decision applies to U.K. CCPs already established...more

UK Government Consultation on Regulation of Central Counterparties and Central Securities Depositories

A&O Shearman on 2/17/2022

HM Treasury has released a further consultation under the Future Regulatory Framework Review concerning the regulation of central counterparties and central securities depositories. The Future Regulatory Framework Review is...more

UK Litigation - A Year in Summary

Morrison & Foerster LLP on 12/21/2021

This year saw the UK grapple with life after Brexit and, along with the rest of the world, the impact of the continued COVID-19 pandemic. As 2021 draws to a close, we round up the key events and developments from the year in...more

Financial Services Regulatory: Equivalence Tracker

White & Case LLP on 7/7/2021

The UK's departure from the EU has created new uncertainties in EU-UK cross-border financial services. One such area is the regulatory landscape that EU and UK financial services firms will have to navigate when doing...more

Time to reconsider? Post-Brexit, now is a good opportunity for the finance sector to take a second look at the key benefits...

BCLP on 4/22/2021

As we discussed in our It’s Good To Talk article as part of our Emerging Themes in Financial Regulation 2021 publication, many banks and financial institutions operating in the UK have historically tended to favour exclusive...more

UK and EU Agree to Establish Joint Financial Regulatory Forum

Akin Gump Strauss Hauer & Feld LLP on 4/1/2021

The United Kingdom and the European Union have concluded technical discussions on the text of the Memorandum of Understanding (MoU) referred to in the Joint Declaration on Financial Services Regulatory Cooperation agreed...more

Brexit Means Brexit: No Agreement on Financial Services Equivalence

Cohen & Gresser LLP on 4/1/2021

Summary - Both the unsettled Financial Services regulation and the Northern Ireland border issues have revealed that neither the European Union nor the United Kingdom appears interested in improving relations with the other...more

Financial institutions general regulatory news, March 2021 # 5

Hogan Lovells on 3/30/2021

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

Reaching a Consensus on (Re)insurance

Skadden, Arps, Slate, Meagher & Flom LLP on 3/4/2021

Financial services, including insurance and reinsurance (together, (re)insurance), have effectively been omitted from the Trade and Cooperation Agreement (TCA), resulting in arguably the “hardest” Brexit for any key UK...more

The Brexit Deal Leaves Some Mighty Big Holes

Skadden, Arps, Slate, Meagher & Flom LLP on 3/3/2021

Takeaways - Goods trade was provided for, at the cost of much new paperwork. - Crucial rules for banking and other services were left unresolved. The Christmas Eve agreement between the United Kingdom and the...more

Financial institutions general regulatory news, January 2021 # 2

Hogan Lovells on 1/25/2021

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

Temporary Post-Brexit Regime Applies to UK Financial Institutions Operating in Italy

Jones Day on 1/21/2021

In Short The Situation: As of the close of the Brexit transition period ending on December 31, 2020 ("Withdrawal Date"), UK banks, UK investment firms, and UK electronic money institutions ("UK Financial Institutions") can...more

Financial institutions general regulatory news, January 2021

Hogan Lovells on 1/18/2021

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

Implications of the EU-UK Trade and Cooperation Agreement for Financial Services

White & Case LLP on 1/14/2021

With the EU-UK Trade and Cooperation Agreement of 24 December 2020 ("Agreement"), the UK and the EU have fundamentally changed market access for financial services firms. As of 1 January 2021, UK financial services firms...more

"Trade" and "Cooperation" – Buzzwords for life beyond Brexit

Sullivan & Worcester on 1/12/2021

In a flurry of last-minute negotiations, the EU and the UK agreed on the form of the Trade and Cooperation Agreement between the EU, European Atomic Energy Community and the UK on 24 December 2020 ("TCA") to bring about the...more

A New European Financial Services Landscape for a New Year?

Dechert LLP on 1/7/2021

Readers scanning the UK/EU trade deal on Christmas Eve will have looked in vain for a meaningful section on financial services. Instead, the UK asset management industry has been presented with something that looks very much...more

Key Regulatory Topics: Weekly Update 4 - 10 December 2020

A&O Shearman on 12/22/2020

FCA Brexit FAQs – firms preparing for the end of the transition period On 9 December, the FCA published a Brexit FAQs in respect of firms preparing for the end of the transition period, covering: (i) the TPR; (ii)...more

Key Regulatory Topics: Weekly Update 27 November to 3 December 2020

A&O Shearman on 12/22/2020

Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 - On 3 December, the Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 were published, together with an explanatory memorandum. The...more

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