WORD OF THE DAY® – Clean-Up Call
Amendments have been made to the FCA’s Dual-Regulated firms Remuneration Code under SYSC 19D and the Remuneration Part of the PRA Rulebook (together the “Remuneration Codes”) to implement the remuneration aspects of the EU...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
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
BREXIT - Final EBA Outsourcing Guidelines: Impact on firms’ Brexit contingency plans The EBA has published final guidelines on outsourcing (the EBA Guidelines), which will replace the guidelines issued by its predecessor,...more
BREXIT - Final EBA Outsourcing Guidelines: Impact on firms’ Brexit contingency plans - The EBA has published final guidelines on outsourcing (the EBA Guidelines), which will replace the guidelines issued by its predecessor,...more
Partners Julia Smithers Excell and Stuart Willey, and associate Laura Kitchen of global law firm White & Case take a deep dive on the latest publications from EU and UK regulators aimed at providing supervisory clarity on the...more
BREXIT - European Economic Area member states' domestic preparations for a “no deal” Brexit A&O has been tracking legislative developments in preparation for a no-deal Brexit throughout the EU27 member states. On our...more
Essential features of bank capital regulation across Europe in one handy wall chart. Regulatory capital requirements for prudentially supervised financial services companies across Europe are complex and changing rapidly....more
PUBLICATIONS - Brexit and the creation of UK sectoral sanctions targets - The UK currently is set to leave the European Union on 29 March. In the context of international sanctions, most commentary has focussed on the...more
BREXIT- Draft Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 laid before Parliament - On 17 January, a draft version of the Equivalence...more
Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector. UPCOMING EVENTS - Financial services regulation in 2019 – don’t mention the B-word - On 30 January, Allen & Overy...more
BREXIT - Please see the Consumer/Retail and Markets and Markets Infrastructure section for updates on various draft SIs published this week in anticipation of a hard Brexit and Trade associations' letter on temporary...more
Antitrust and Competition - Transactions in the digital sector and acquisition of data continue to attract scrutiny in Europe - On 6 September 2018, the European Commission cleared without conditions the proposed acquisition...more
The European Banking Authority has published an Opinion on issues relating to Brexit where a UK firm seeks to establish an entity within the EU27. The Opinion is addressed to the European Commission, national regulators of...more
On August 4, 2017, the European Banking Authority (“EBA“) published its discussion paper (EBA/DP/2017/02) on its approach to fintech. During the spring of this year, the EBA undertook a fintech mapping exercise in order to...more
The Prudential Regulation Authority and the Financial Conduct Authority published proposed revised guidance on remuneration, principally to bring their guidance into line with the European Banking Authority's Guidelines on...more
The European Banking Authority published the results of the EU-wide stress test. The stress test covered 51 EEA banks and assessed the resilience of the EEA banking sector to adverse financial conditions...more
The process of Brexit will take many years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and...more
From 1 January 2016, all EEA incorporated banks and credit institutions are required to include a term in any non-EEA law governed contract under which they have liabilities, giving contractual recognition of the bail-in...more
Legal & Regulatory - BRRD: FCA publishes modification by consent for Article 55 rules - Article 55 of the EU Bank Recovery and Resolution Directive 2014/59 (BRRD) requires European Economic Area (EEA) firms and...more
Should Britain decide to leave both the EU and EEA as a result of a “Brexit” vote on 23 June 2016, the impact on UK and EU financial services firms could be significant. The City of London is Europe’s key financial...more
On 11 February 2013, the European Securities and Markets Authority (ESMA) published its final Guidelines on remuneration of alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive...more