WORD OF THE DAY® – Clean-Up Call
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
Brexit - Please see the Other Developments section for the MoU agreed between the ECB, FCA and BoE on post-Brexit supervisory cooperation, effective from 1 January. ...more
31 December - The Brexit Transitional Period (pursuant to which the UK stayed in the Single Market and European Customs Union came to an end. The FCA updated its Brexit webpages to remind firms of the potential impact...more
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
The European Securities and Markets Authority has published updated statements on the impact of Brexit on the application of the Markets in Financial Instruments package and the EU Benchmark Regulation. ESMA issued statements...more
Regulation (EU) 2019/2033 on the prudential requirements of investment firms and Directive (EU) 2019/2034 on the prudential supervision of investment firms (collectively, "IFR/IFD Framework") significantly change the...more
The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying...more
Recent regulatory developments of interest to all financial institutions. Includes COVID-19 and Brexit-related updates, amendments to the list of high-risk third countries in MLD4, and more....more
On 5 December 2019 the Bank of England (Bank), UK Prudential Regulation Authority (PRA) and UK Financial Conduct Authority (FCA) published coordinated consultation papers and policy on new requirements to strengthen...more
BREXIT - Please see our section on Other Developments for the FCA’s regulation round-up for January which updates on the FCA’s Brexit implementation activities. EC publish slides on the future relationship between the...more
What is it? The EU has finalised and issued a new framework for the prudential regulation of investment firms. It will set new classification for investment firms that will in turn determine which of the new capital...more
BREXIT - Please refer to the Markets and Markets Infrastructure section for an update regarding the made Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional...more
BREXIT - The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No.3) Regulations 2019 On 24 October, the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No.3) Regulations 2019 were made, and an...more
The European Banking Authority has issued a further Communication on issues associated with the U.K.'s withdrawal from the EU, scheduled to take place on October 31, 2019. The EBA notes that financial institutions have made...more
SEMINARS - ESG and sustainable finance conference On 11 November, 8:30am to 1:00pm, A&O will be hosting its inaugural ESG and sustainable finance conference. The conference will bring together a wide range of market...more
2 September - The Financial Conduct Authority ("FCA") updated its webpage relating to its guidance consultation on the fair treatment of vulnerable customers. The European Securities and Markets Authority ("ESMA")...more
BREXIT - FCA updates its draft transitional directions under the Temporary Transitional Power On 26 September, the FCA published updated versions of the draft directions that it intends to make using its no-deal Brexit...more
On 13 September 2019, the European Banking Authority (the “EBA”) updated its guidance in respect of the Securitisation Regulation[1] by publishing an answer to a question submitted to it in November 2018 by the Association...more
BREXIT - Please refer to the Payment Services and Payment Systems section for an update regarding the operational implications of a “no-deal Brexit” on SCT and SDD transactions. ...more
BREXIT - ECB on no-deal Brexit - On 28 August, the ECB published the transcript of an interview (dated 15 August) with by Andrea Enria, Supervisory Board Chair of the ECB. In the interview, among other things, Mr Enria...more
BREXIT - Post-Brexit options in the Luxembourg financial sector - Allen & Overy has published a list of available options for UK firms currently passporting their activities to Luxembourg or willing to provide services...more
BREXIT - Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 laid before Parliament On 25 July, the draft Over the...more
The European Banking Authority has published a report on the impact of financial technology on the business models of payment and electronic money institutions. The report aims to provide an overview of the current FinTech...more
BREXIT - EEA Joint Committee Decisions - On 18 July, four Decisions of the EEA Joint Committee made on 29 March and five Decisions made on 11 April that amend Annex IX (Financial Services) to the EEA Agreement were...more
The wait is over. Whispers of mega-deals have matured into agenda items for boards of many larger European banks. Overview - 3 highlights of bank M&A: - Bank consolidation: The numbers speak for themselves—100 regional and...more