The Standard Formula Podcast | Solvency II Back to Basics: Third Country Branches and Cross-Border Provision of Services
ESMA has issued a stark reminder that reverse solicitation, where it can be used, has to be carefully managed and documented, and is an area of regulatory scrutiny and focus. This short note also takes stock on the EU27...more
A new European regime on sustainability-related disclosures in the financial sector will come into force from March 2021, after first being announced in 2018 during the European Commission’s Action Plan on Sustainable...more
On 29 October 2019, politicians once again kicked the possibility of a cliff edge Brexit into the grass but with UK politics still deeply divided and a general election on the horizon, it is unlikely that clarity on the...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
CONSUMER/RETAIL - FCA call for input on RDR and FAMR review - On 1 May, the FCA published a call for input on its plans to evaluate the Retail Distribution Review (RDR) and Financial Advice Markets Review (FAMR). The...more
BREXIT - On 11 April, the European Council Decision (EU) 2019/584, taken in agreement with the UK to extend the period under Article 50(3) TEU, was published in OJ. The European Council agreed to a further extension to...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
BREXIT - On 7 February, ordinance no. 2019-75 relating to the preparatory measures in connection with the United-Kingdom’s withdrawal from the European Union in respect of financial services (the Ordinance) was published. ...more
AIFMD – ESMA issues draft guidelines on liquidity stress testing in UCITS and AIFs - On February 5, ESMA issued a consultation paper on issuing liquidity stress test guidance for investment funds. The draft guidelines aim...more
FCA issues further guidance on Brexit preparations - The FCA has published a series of guidance to assist regulated firms in finalizing their preparations for Brexit, particularly in the event of a no-deal scenario when EU...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- Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 made On 28 February, the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 were...more
FCA Opens Notification Window for Passported EU Firms and Funds under No-Deal Brexit Temporary Permissions Regime - The FCA has announced that the notification window for passported EU ex-UK firms and funds wishing to...more
The FCA outlines how it intends to use its temporary transitional powers in a no-deal scenario. Key Points: ..The FCA has highlighted areas in which transitional relief will not be granted in a no-deal scenario. ...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
Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector. BREXIT - Please see the product sections for updates on the various draft SIs published in the last two weeks in...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
Luxembourg has transposed MiFID II into its national law, albeit five months after the deadline for doing so. In other matters, the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF)...more
HM Treasury has published a draft of the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations are primarily relevant for MiFID II-authorized firms...more
1 March - The Financial Conduct Authority ("FCA") published general insurance value measures data in relation to 36 insurers (including both UK and EEA firms) for the year ending 31 August 2017. The data is aimed at...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of the publication of delegated regulations under the Benchmark Regulation; a call for...more
The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No. 2) Regulations 2017 have been published, and will take effect mainly from January 3, 2018. Some technical provisions will come into force a...more